Euro

Issuer last brought a green bond in 2022 but has been active via taps

Biggest single day for €1bn tranches this month

◆ BBVA feeds undersupplied senior sector ◆ Unicaja Banco tier two nets negative NIP ◆ Mixed views on near-term supply

French issuer embarks on journey to raise €17bn-€19bn of green debt over a decade

Reopening landed just 0.5bp back of secondary levels

More credence should be placed on recent deals as secondary curves trade wide of new issues

More companies are getting ratings to woo bond investors

More than €10.5bn of orders placed for quartet of covered deals on Thursday

Investors flush with cash and happy to chase trades through fair value

◆ Huge book for infrequent Austrian issuer ◆ ‘Capitulation trades’ in higher beta tier two drives spreads down

Investors hungry for exposure to long end of curve are finally fed

◆ More upside potential seen in the Virgin Money credit after Nationwide bid ◆ Deal is 10 times covered after already some 70bp tightening and another 50bp during execution ◆ Some estimates put NIP at close to 20bp when many recent deals are coming close to FV