Currencies
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◆ Curves steepen in euros ◆ Issuers pull triggers as holiday-strewn calendar looms ◆ Single digit new issue concessions for most -
Subordinated deals make up a larger share of March's supply than usual
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◆ Borrowers take £500m from undersupplied market ◆ Despite lower spread Northern Powergrid's longer maturity trade more popular ◆ Sterling volumes down around 10% from March 2024
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North Rhine-Westphalia will get "a lot of legroom" to expand investments, treasurer says
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◆ MetLife returns to euros after January print ◆ Offers high single digit premium but comes flat to dollars ◆ BlackRock next with rare refi of its only non-dollar bond
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Eleven banks in deal, down from 13 last time
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◆ New euro deal more than 6.5 times subscribed ◆ Comes one trading day after a call and non-call decision on two dollar AT1s ◆ Visible new issue premium helps attract orders
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Half a dozen syndicated deals in euros and dollars to kickstart new week
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◆ Swedish issuer starts tight ◆ Deal lands close to recent SSA supply ◆ Seven year tenor offers investors something different
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◆ Managing the go-no go call ◆ 'Granular' conversations on social label ◆ AT1 redemptions and offsets in balance sheet
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◆ Deutsche Bank calls one AT1, extends another ◆ Market appears accepting to 'idiosyncratic' event ◆ Metro Bank issues public AT1 with the highest coupon
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◆ Note lands close to national champion ◆ Issuer targeted price over size ◆ Deal shows Fridays are an open window
