Currencies
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Large and liquid 10 year dollar deal jump-starts issuer’s €15bn-€17bn programme for 2026 -
◆ Dual tranche deals attract strong peak books ◆ Bumper bid-to-cover ratios ◆ Premiums scarce
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Avoiding unsecured euro issuance, French banks have concentrated funding in dollars and covered bonds as they eye record start
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'Records broken left, right and centre' as redemption money and pent-up demand flood new issues market
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Lenders see greater demand for direct lending as slew of Covid refinancings mature
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Three tranche deals are increasingly common for issuers wanting size and duration
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◆ Deutsche Bank offers longest bank euro tier two since 2020 ◆ Crédit Agricole Assurances refis two tier two stack two years early ◆ SocGen goes for 10 year AT1 stretch
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◆ RBC prices debut euro dual trancher ◆ Minimal attrition despite 'ridiculously tight' spread ◆ KBC finds demand for senior non-preferred
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◆ Front-end and belly of dollar curve working ◆ Big order books ◆ Landed close to other recent trades
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◆ Southern European duo steals Thursday's show ◆ Italy grabs unbelievable €20bn ◆ Portugal compresses Bund spread to decades-tight
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◆ NRW tests 30 year demand ◆ both real and fast money feast duration ◆ ADB adds euro to funding mix in active 2026 start
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◆ Three issuers across the A-rated spectrum ◆ L’Oréal brings the biggest deal at €1.75bn ◆ Edenred and APRR print €500m no-grows
