Euro

◆ Note is the issuer’s first in euros since 2022 ◆ Slim pick-up paid over larger peers ◆ Little impact from upcoming merger

◆ Deal is TSB’s second in euros ◆ Minimal concession paid ◆ Bond offers single digit spread over UK peers

The Swiss company’s refinancing has support from more than 30 banks

Chocolatier includes junk rating coupon increase in marketing dual tranche euro trade

Almost one in five euro benchmarks have been tightened by a double digit spread this year

◆Another €11bn syndication from the bloc ◆ ‘Very modest’ new issue premium observed ◆ Pricing method development is ‘only natural’, France stability helps

◆ German investor base drives orders ◆ Spread lands at ‘optically tight’ level ◆ ‘Respectable outcome’ for Haspa

◆ Three big SSA syndications scheduled for Tuesday ◆ EU and Italy on the same day, again ◆ UK to bring second to last syndication this FY

◆ 'A short story' with Saxony ◆ Book was shy of covered ◆ Pricing too tight?

◆ CDC gets ahead of busy Tuesday ◆ Book was €4bn despite tight govvie spread ◆ Demand aplenty in face of shrinking pick-up

◆ Rival bankers say deal landed through FV ◆ Big subscription ratio despite tight pricing ◆ More deals expected this week

◆ Fair value considerations point to wide range but no concession paid ◆ Earnings and market backdrop provide tailwind for tight pricing ◆ Issuer's first callable tier two in euros since 2022