Belgium

No competition expected as investors hunger for covered paper across the curve

◆ German states are performing well ◆ Placing fair value for the Länder segment is hard ◆ 15-year deal tightened 3bp

◆ First out of three Belgian euro syndications proved a hit ◆ Usual 2bp premium paid ◆ Italy to follow with potential €20bn deal

In euros, KfW and Belgium will test new year clearing levels

DCM team responded to issuers’ heightened need for advice on capital this year and plans to expand in this competitive area

Luxembourg market draws closer to extinction

◆ 'Investors seem to be buying' in euros ◆ Institutional community's tap tightened 4bp ◆ Deal’s coverage ratio was issuer's highest this year

◆ Appetite for credit attracts trio to senior market despite weaker backdrop ◆ But face-to-face execution between two similar deals underlines limits for non-major global bank issuers◆ UniCredit diversifies funding with rare floater

◆ Opportunistic move pays off ◆ More balance brought into euro curve this year ◆ ‘Incentive and motivation’ to improve spreads

◆ Final terms fixed from the get-go ◆ Second opportunistic dollar trade from the sovereign ◆ Home euro market having ‘terrible day’

◆ ‘Blow-out book’ for regional issuer ◆ Attractive spreads versus swaps, OATs ◆ Minimal new issue premium paid

UK bank recruits dealmaker from Groupe Bruxelles Lambert