US dollar
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Halyk Bank reopened international loan market after 15 years -
◆ KfW issues its final dollar benchmark of 2024 ◆ Dollar cost improved but remains pricier than euros ◆ Agency peers BNG, KBN also found support
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◆ European banks' recent AT1s encouraged issuance as they continue to perform ◆ French bank issuing a day after calling a $1.25bn AT1 ◆ More dollar issuance due from EM banks
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Issuance is expected to rise before the US election, after several borrowers decided to come to market in advance of the Fed meeting
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Favourable conditions could encourage pre-funding for 2025
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Higher yields, through senior duration and capital, to support prefunding demand
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Next three to four weeks key if issuers are to complete 2024 funding early
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◆ Pan-Nordic issuer ‘deliberately’ waits after the Fed ◆ Rivals’ rallying AT1s provide tailwind for price compression ◆ Investors keen on debt capital
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◆ Head of treasury says Arion tender offer was to ‘incentivise’ investors into new deal… ◆ …which is larger and has a lower spread
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Bankers more interested in the central bank's hints about future rate path than the size of the first cut
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First bank deal from the country since a spate of brutal restructurings at other banks in 2009
