Sarah Ainsworth

FIG

Dark storm clouds over Canary Wharf business park buildings in London

FIG market eyes tight valuations and issuer complacency

Funding conditions remain strong but some predict trouble ahead

Atanas Dinov, February 20, 2025

FIG

Athene 'vanquishes' memories of pulled euro deal

◆ US insurer pulled previous euro offering ◆ 'Different approach' taken to pricing ◆ Value versus dollar curve

Sarah Ainsworth, February 20, 2025

FIG

Rabobank becomes latest sterling arb chaser

◆ Another offshore borrower set to print in euro 6NC5 format ◆ Issuers favour October 2029 Gilt ◆ Investors 'quite ambivalent' about choice of Gilt

Sarah Ainsworth, February 14, 2025

FIG

ATTRITION text written on black wooden frame school blackboard.

FIG issuers turn conservative to avoid primary market attrition

Some FIG primary trades experienced big attrition levels this week in a sign that dynamics could be shifting

Sarah Ainsworth, February 13, 2025

Senior Debt

Exterior view of the towers housing the headquarters of the French banking group BPCE

BPCE becomes latest offshore issuer to exploit Gilt swap spread quirk

◆ Issuers referencing older Gilts to price through euro curves ◆ Syndicate 'overwhelmed' by orders as investors chase French spreads ◆ Transaction 'repriced' secondary curves

Sarah Ainsworth, February 13, 2025

FIG

No floor in sight for dollar AT1s as Danske prints ‘spectacular’ trade

◆ Praise from bankers away from transaction ◆ Deal launched into market 'that wants to buy AT1s' ◆ Post-CPI spike in US Treasury yields not viewed as game changer

Sarah Ainsworth, February 12, 2025