Euro

Polluting borrowers should expect higher costs or less access to funding, argues CEPR

◆ NordLB prints rare tier two as Italian insurer readies one too ◆ BPER Banca goes longer in callable green SP ◆ BIL makes unusual splash outside of private markets with a three year FRN

Bank borrowers are eager to make the most of strong bid for covered bonds

Sub-sovereign issuers found support in an undersupplied market

Leads saw no new issue premium paid by the issuer after 3bp of tightening

◆ Transaction ‘looks like a slow deal’ given tightening and size, say rival bankers ◆ Marketing process ‘was too rushed’ for rare euro issuer ◆ Huge corporate issuance ‘may have overshadowed’ sole FIG deal

Deals of all stripes find a home with 17 euro tranches launched

Both issuers print with no new issue concessions, but Sparebanken Vest benefited from scarcity appeal and belly of the curve bid

◆ Italian bank prints at 7% amid 'Fomo' for AT1 refi ◆ Tier two capital well absorbed with rare Munich Re offering €1.5bn ◆ AIB benefits from green label

Books bulge as market starts blockbuster week

◆ Senior success as syndications flood euro market ◆ HSBC holdco lands through fair value ◆ ANZ ‘cements status’ with ‘strong’ euro FRN

A UK hedge fund put in the largest order