Currencies

An €800bn defence package was unveiled ahead Thursday's special defence summit

◆ Rates and geopolitical volatility weigh on investor sentiment ◆ Fast money investors show price sensitivity ◆ Low single digit premium paid

Listed investment company is striving to cut debt costs

◆ Bank of America and National Bank of Canada opt for Monday issuance in shortened week ◆ Somewhat weaker backdrop results in lower price tightening versus recent senior deals ◆ BofA boosts euro funding this year to €6.25bn

Scope warns country is ‘heading towards difficult budgetary trade-offs’ with increased defence spending

◆ 'Cheeky' issuers reference low coupon Gilts ◆ RBC prints £300m senior deal off £375m final book ◆ Speculation 'less sophisticated investors' not aware of Gilt anomaly

◆ Dutch insurance company prepares deeply subordinated issue amid weaker market ◆ But FIG's fundamentals unchanged ◆ Spike in rates may boost demand from yield buyers

Leads to use comparables ranging from South Korea to Denmark when pricing upcoming deal

◆ Not covered but not uncommon ◆ Prices around 2bp through fixed rate curve ◆ More German state supply expected

German issuer's own comparable tenor deals disregarded in favour of more recent peer supply

Market fed more information on Germany's defence and infrastructure spending

Investors keen on duration as Thermo Fisher and Pfandbriefzentrale also go longer