Euro

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

◆ Iceland’s Landsbankinn finds 'insane demand' ◆ Danish Arbejdernes Landsbank ‘slow’ progress blamed on unfamiliar name ◆ Fast money shows price sensitivity to SR-Bank trade

The long zone is wide open, but access is limited to names with strong followings

Sub-sovereign continues to chip away at its €9.6bn annual programme

Plastic Omnium and a Telefónica hybrid get healthy oversubscriptions

Settlement moved to March 8 after S&P reduced the firm's outlook to negative

◆ Dutch insurer refinances legacy tier one at negative NIP ◆ More insurance deals expected across capital structure ◆ Smaller European bank tier twos prove strength of FIG market

◆ New structure taps investor demand for short-dated credit ◆ Issuer saves on three month versus six month basis ◆ Callable format adds funding flexibility