BBVA

Banks are looking at next five weeks to raise anything from deeply subordinated capital to senior debt

◆ Insurance companies continue to pump tier two capital this week ◆ Banks opt for the most subordinated debt funding in dollars ◆ Small Smaller French insurer receives 8.8 subscription ratio despite French assets widening

◆ Orders fail to match recent T2 deals, but rivals say that’s OK ◆ Why psychology matters ◆ Debate on premium

Spanish bank also takes a FIG banker from HSBC

Corporate bond market stands at its strongest point with more FIG deals expected, though higher new issue premiums eyed

Usual fourth syndication to follow after the summer

Issuer prices flat to secondary curve as investors chase Spanish agency bonds

◆ Spanish bank raises €750m new capital ahead of calls in the middle of Sabadell takeover bid ◆ Tight price leads to more than €2.2bn of orders dropping ◆ Greece’s Alpha bank prints first tier two in more than three years

Deal turned out larger than some had expected

◆ Senior preferred format helps mitigate execution risk ◆ Issuer shifts larger funding into shorter FRN ◆ Rates volatility back on the agenda

Austria, France and Portugal opt for the same window

French president’s call for international consolidation bucks a long trend of political opposition