Euro

◆ Book falls €150m from its peak ◆ Leads pledge €107m ◆ Single A deal tricky to compare

◆ New Zealand bank prints for first time in more than a year ◆ Deal execution is one of the best from the issuer for senior funding in euros in recent years ◆ Pricing comes close to FV

◆ Last expected euro benchmark of year ◆ 'Lower size can yield good results' for KfW ◆ Differing fair value opinions

◆ Commerzbank opts to raise long end senior funding for 2025 a week after dollar AT1 ◆ BFCM goes longer compared to recent multi-tranche Samurai ◆ Commerz pays no premium, BFCM offers slight concession

◆ Strong demand allows for tight pricing ◆ New bond pulls Achmea's curve tighter ◆ 'Odd size' wraps up Dutch firm's covered funding

◆ Austrian lender feeds investors hungry for bank capital ◆ Borrower returns to asset class for first time in more than two years ◆ No new issue concession

◆ Deal attracted strong official institution interest ◆ Borrower faced some limits at 40bp ◆ Low single digit concession paid

◆ Bloc lands another €10bn-plus deal ◆ Book almost a record ◆ Both real and fast money show hands

French political risk, US economic data and EU supply to set tone in public sector market

Spain is 88% funded for 2024 with regular auctions left; expects next year’s programme to be similar

Smaller and less frequent issuers aiming for open window to raise unsecured funding as investors hunt higher yield

◆ At least five more deals expected this week ◆ Sub-benchmark names to take their time ◆ Further supply mooted