Euro

◆ BPM raises new euro debt with no NIP as investors pile in ◆ 'Periphery is the new core' thinking powers primary ◆ KBC debuts sterling tier two to feed bond-starved investors

Popular non-eurozone deals are landing far through fair value

◆ Tightest seven year-plus senior non-preferred to be priced in 2024 ◆ New issue premium discussed ◆ Are the days of senior non-preferred pricing flat to curve over?

French issuer prints largest bond after unprecedented demand

Toyota Finance Australia and Wolters Kluwer waste no time in launching bonds

Proceeds will finance lending to French hospitals

◆ Monte dei Paschi to make most of recent upgrade ◆ Spread above 200bp lures investors ◆ 'Element of rarity' gives added appeal

SSAs look increasingly expensive versus government benchmarks, raising the question of when investors will stop buying

Smaller and lower tier bank issuers are enjoying extremely favourable funding conditions, with some able to choose between markets

◆ Nationwide to grow asset size by a quarter ◆ Affords to pay 38% premium thanks to top ranking CET1 ratio in Europe ◆ Strong rally of Virgin Money bonds suggest acquisition likely to proceed

Although demand could support a 15 year deal, issuers are reluctant to lock in higher spreads

◆ French bank adds Swissies to Singapore dollars and euros in ‘relentless’ issuance spree ◆ Funding boss Perrier discusses diversification aims ◆ Private trades across markets identified