Euro

◆ Deal comes earlier than expected ◆ 20 new investors, including a European supranational ◆ Two green bonds done this year

◆ 'Stable' book grows after spread set ◆ Lack of recent Spanish supply helps pricing ◆ Illiquid secondaries create wide range of fair values

Issuers said to have this week 'withdrawn' planned covered bond sales will look at later window

Market participants weigh up how to evaluate Spain-France inversion and outperformers like Portugal and Greece

Busy streak of capital issuance has disgruntled some investors, but bank issuers still have upper hand in a rate cutting cycle

US election and earnings blackouts slam breaks on busy year

◆ Deal appears unaffected by rising Middle East geopolitical tensions ◆ Local investors back the deal during first day of marketing ◆ Pricing around fair value with possible minimal concession

◆ Last EARN benchmark from the supra this year ◆ Deal's success will be hard to replicate ◆ Issuer could prefund another €4bn

◆ Tatra brings first covered since Jan 2023 ◆ Hypo Oberösterreich offers sub-benchmark deal ◆ Covered primary issuance now 'a little bit slower'

◆ Issuer one of a handful to issue euro floating rate notes ◆ Spreads wider than earlier in the year ◆ ‘There isn’t really a fair value’

◆ BFCM prepares its annual visit to yen market ◆ BayernLB to debut senior preferred debt ◆ Arion chooses Scandi currencies

◆ A few basis points left on table for investors ◆ Recent spread widening presents challenge ◆ Some issuers have 'pushed backed' or 'withdrawn' mandates