Currencies
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Severn Trent and Bank Vontobel tempt investors with inaugural trades -
◆ Deal lands flat to Pfandbriefe ◆ No premium paid ◆ Slim spread gap to SSAs
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Regulators' oversight adds to other stresses for borrowers
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Shift to shorter Gilts as UK gets ready to borrow £304bn in 2025-26
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No reason for banks to fear going tighter still
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Canadian banks cross the border and UOB makes rare return to the US before tariffs imposition
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The gap is closing thanks to covered undersupply but there will be a floor as relative value starts to make little sense
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Successful corporates and FIG bonds belie move to ‘higher volatility regime'
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US due to impose swingeing tariffs next week
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◆ Pair of deals follow long gap ◆ Eurofins multiple times subscribed despite small size ◆ Stronger market brings riskier deals
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Banks already working on deals in the industrials and chemicals sectors
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Bankers hope for April showers after quiet end to March
