US dollar
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Issuer adjusts execution strategy to price off swaps instead of Treasuries, outlines plans for 2026 funding -
◆ Choosing a window for three year euros ◆ Limited fast money interest was pleasing ◆ Aussie funding for euro issuer has improved
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Investors are eager to put cash to work in FIG bonds even though last week ended with concerns about bad loans
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◆ Nearly $12bn of orders for long-dated dollar deal ◆ Official money places chunky bids ◆ Bond performs, pulls peers’ spreads tighter
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SSAs add cross-currency depth in private placements
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◆ Sovereign prices just 1.7bp over US Treasuries ◆ Rarity and diversification attract investors ◆ International issuance picks up
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New issue premiums in October are running below the year's average as investors anticipate a slower pace of issuance
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Credit spreads widen on private credit concerns though technicals remain favourable
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Govvies outperform swaps as market participants contemplate next year’s spread direction
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SSA issuers also back in frontier currency private placements
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◆ Rival bankers call deal 'a great success' ◆ Dollar spread vs euros 'swung back to issuers' ◆ Cost of carry vs locking tight spreads
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Additional reserves could be freed, enabling banks to scale up lending
