Currencies

◆ New 20 year Bund launched into popular demand ◆ Is 20 years the new 30 years for EGBs? ◆ Fair value in debate

◆ Good capital issuance window for smaller UK financial institutions ◆ Both use liability management to refi ahead of calls ◆ Close Brothers paying hefty coupon due to heavier motor finance exposure

◆ Terna sets new senior/sub spread record ◆ Aroundtown lands flat to secondary ◆ Investors are hungry for high yielding paper

◆ Deal lost €900m of orders on reoffer ◆ 1bp-2bp of new issue concession ◆ Senior preferred spreads 'super tight' versus covered, says lead manager

◆ Supra back for second round of funding ◆ Tried-and-tested pricing approach adopted again ◆ Bond already performing strongly

◆ Cautious start after spreads moved around ◆ KfW's spread tightens, but Länder unmoved ◆ ‘Real’ Länder-KfW spread yet to be established

◆ Telefónica started 25bp tighter despite lower rating ◆ Both deals increased on bulging demand ◆ Spreads land close to fair value

Volume of SSA dollar issuance drops but duration increases

German sovereign goes for conventional over green as smaller peers join a crowded Tuesday

Northern Ireland issuer plans to visit the long end

◆ Leads increase deal size due to demand ◆ Book kept growing after reoffer tightened ◆ Gap between Greek and Italian spreads shrinking, says rival banker

◆ Issuer nearly halves funding cost from April 2024 capital debut... ◆... close to larger competitors' spreads ◆ New deal strengthens its bail-in debt layer and ratings