Erste Group Bank

Santander shows big AT1 deals work best alongside tender offers

◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls

Widening Bund swap spreads draws bid back to paper

After a series of wide moves from IPTs, investors were pleased a deal began close to landing

From long-dated covered and senior bonds to regulatory capital deals; all were priced tight this week. Even after Thursday's ECB meeting, nothing looks set to worsen conditions for issuers

Issuers play it safe as they target the three to five year area

Stadtsparkasse München to test demand for five year Pfandbrief

Land hits upper end of size target after being 'reasonable' about pricing

Banks are getting busy refinancing additional tier one — could even UBS issue?

◆ Austrian lender saves with early tier two refi ◆ Others could follow into 'wide open' AT1 market ◆ Generali's popular tier two bullet shoots through fair value

Muted SSA market welcomes European pair

More pile in for euros following NLB's 'blowout' €500m print