EMEA

New parameters and guardrails help define oft-maligned product

◆ SBEB and Nordea both print tight senior bullets ◆ Both deals oversubscribed ◆ 'Pre-volatility market is back'

Issuers paid higher new issue concessions this week as investors turned more selective

◆ Sparse calendar after a busy window ◆ Strong bid for a high grade name in a niche sector ◆ Single digit new issue concession paid

Sovereign bags record size as 15 year proves 'sweet spot'

◆ UK water company prints 6.75 year bond ◆ Orders stick at almost seven times deal size ◆ Deal lands close to fair value

Fewer new deals are pulling lenders' attention back to existing companies

Additional reserves could be freed, enabling banks to scale up lending

Issuer navigates US-China trade spat, and bond tightens to 1bp inside fair value the morning after pricing of tap

◆ One of the widest euro IPTs this year in IG corporate ◆ Demand rises during book building ◆ Single digit new issue premium

Investors are nervy over trade tensions between the US and China

◆ Axa prints RT1 and tier two on same day three French insurers announce deals ◆ Tier two demand surpasses RT1 interest ◆ Most subordinated capital still attainable at 'no-brainer' cost of funding