Currencies

Other markets overshadow labelled public sector issuance in sterling

Some FIG primary trades experienced big attrition levels this week in a sign that dynamics could be shifting

Outstanding subordinated debt totalling billions of euros no longer has equity credit

◆ Investors rush to buy despite yield compression... ◆ ... as French bank aims for both big size and 10 year non-call ◆ Issuer achieves lowest euro reset spread

◆ Issuers referencing older Gilts to price through euro curves ◆ Syndicate 'overwhelmed' by orders as investors chase French spreads ◆ Transaction 'repriced' secondary curves

German, French and Dutch banks the most likely candidates for the next long end deal

Company prints inside recent similarly rated names despite problems in motor sector

Sustainability links will be added once framework is complete and published

The company has at least five other drawn facilities

◆ Rare Portuguese issuer lands very close to Pfandbrief ◆ Tightening in covered bond spreads prompts divergent views on where fair values are ◆ Both issuers fund close, if not flat to, perceived fair values

◆ Austrian lender opts for longest maturity considered ◆ Market participants debate impact on broader market ◆ 'Minimal' new issue premium but slim pick-up over sovereign more notable

◆ Praise from bankers away from transaction ◆ Deal launched into market 'that wants to buy AT1s' ◆ Post-CPI spike in US Treasury yields not viewed as game changer