Euro

Public holidays and high profile events mean borrowers will be crammed into a few issuance days

◆ Short-end yield and pick-up attractive ◆ Duration bid from insurers persists ◆ Investors eye senior non-preferred over tier two amid supply divergence

◆ French bank pulled its €500m capital funding in early January amid crowded market ◆ New deal offers some call premium compared to the earlier bullet note ◆ Clears with up to 5bp-10bp new issue premium

Borrowers at either end of ratings spectrum find success with green paper

Upcoming supply expected to skew shorter despite long end demand

T-Mobile and General Motors slash their spreads as Reverse Yankee demand stays high

New issue premiums increased in the second half of April amid shifting rates expectations

A financing boom might succeed where stress has failed in easing corporate spreads

Sovereign to focus on preserving and injecting secondary liquidity next

◆ Issuance may be concentrated on Tuesday after a single deal on Monday ◆ Prospects for euro paper brighter than dollars ◆ AT1s in any currency likely to do well in this market

◆ Callable FRN structure is ’positive evolution’ ◆ Longer fixed tranche draws €5.6bn orders ◆ Duration for high quality names still sought

Evidence grows that companies can sell bonds successfully any day of the week