US dollar
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Merck & Co and Ecolab Inc raised a combined $11bn as they took advantage of strong investor demand and tight spreads -
Tight spreads are offering attractive funding climate for foreign as well as diverse US financial institutions, including those exposed to private credit
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Peace agreement will be needed to restore normal enthusiasm
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Burst of deals this year in uneven market suggests investors want alternatives to Treasuries
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◆ Five year dollars 'road well travelled' ◆ Fair value estimated ◆ Pricing 'straightforward' given plenty of comps
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Higher dollar yields dampen some of the callable demand
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◆ Province lands tight $3bn 10 year ◆ Demand stretches down curve ◆ Sitting alongside sovereign
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Issuer now around 77% funded for the year with one dollar deal still to come
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◆ High quality order book ◆ Limited fast money ◆ Spread to other MDBs narrows
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◆ 'The trade everyone was waiting for' ◆ Big book and high-quality ◆ Fair value challenging as SSAs trade tight in secondary
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◆ MuniFin's Toppinen talks timing ◆ Antonio Gómez-Chaparro de Luna of BNP Paribas reveals pricing tactics ◆ Issuer navigates tight spreads to US Treasuries
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◆ Austrian agency revisits dollar market ◆ Deal priced and sized carefully, all targets achieved ◆ A feast for central bank investors after issuance has plunged
