Euro

◆ Big order book for long tranche ◆ Fair value debate ◆ Sources close to trade disclose it is not pre-funding

Knorr-Bremse, Grenke and Voestalpine market new trades after 50bp move

◆ LCR eligibility attracts accounts ◆ Deal follows extensive roadshow ◆ Issuer plans to close spread gap to peers over time

Moving Beko to independent funding sources freed up space for parent company to borrow domestically

◆ Issuer sells euro bond on FOMC day ◆ Screen pricing ‘makes little sense’ ◆ Other comps helped price discovery

◆ Illiquid secondary levels make determining fair value tricky ◆ No impact from UniCredit-Commerzbank merger rumours

◆ Issuer looking at long three or five years ◆ ESG label should be ‘helpful’ ◆ KHFC’s third public bond this year

European borrowers sit on deals until they know the fallout from Fed's decision

◆ US election jitters prompt early final trade ◆ Issuer pays 'appropriate' NIP ◆ Possible pre-funding for 2025 via private placements

◆ Eurobank’s senior green debut becomes largest Greek bank bond in recent memory ◆ After peer Piraeus issued biggest capital deal at lowest yield ◆ Deals priced versus swaps on the back of improved investor perception

Uncertainty about the size of the impending rate cut made defensive maturities the 'right choice'

◆ Deal to be the bank's largest in euros so far ◆ Low to mid 30s price 'reasonable' ◆ Issuer met with over 50 investors