Currencies
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£900m equity raise plans come as Southern tries to save its investment grade rating -
Issuer sees 'extremely strong outcome' for new bond as weakness lingers in European rates market
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◆ French bank speeds up funding plan to meet eager buyers ◆ Initial deal eyed for second half of 2025 ◆ Higher spread to frequent issuers attracts
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◆ Dutch bank pushes another tightly priced capital deal ◆ Stays mindful of peers ◆ Its third trade this week amid supportive conditions
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◆ Spanish region lands tight versus govvie ◆ Well sought-after deal despite squeezy spread ◆ Strong technical continues to support Spanish (and French) SSAs
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◆ Issuer takes home more than the usual $2bn ◆ Single-digit spread to US Treasury at landing ◆ Dollar investors still attracted by spreads to swaps, yields
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◆ Joint Länder trade raises €1bn ◆ JLMs help cover deal ◆ EGB sell-off deepens
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◆ Deal makes ‘good sense’ from an arb perspective ◆ First time out in sterling for more than a year ◆ £350m deal size larger than expected
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◆ Deal is third Austrian sub-benchmark in three weeks ◆ Seven years a sweet spot for investors ◆ Austrian supply down from last year with a rush of supply not expected
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Second tier names should not wait to issue, or they risk the spread compression running out of steam
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◆ First EU green bond from FIG after corporate and SSA debuts ◆ Bank turbocharges senior funding in euros a day after sterling visit ◆ Deals have similar structures and maturities
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CriteriaCaixa, DSM-Firmenich fund through fair value, J&J and Carlsberg prep jumbos
