Euro
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◆ Senior FIG market reopens after summer break ◆ Minimal premiums paid ◆ ‘Competing trades working well’ say bankers -
Merck and BMW print €3.3bn ahead of the autumn rush
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◆ Big demand despite arriving a day after ING deal ◆ Minimal NIP for size ◆ BNP's first tier two in 2.5 years
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◆ Deal Berlin Hyp’s second benchmark of the year ◆ Some investors had their fill of Berlin Hyp ◆ Buyers look towards higher spread senior market instead
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Little case for widening as political flashpoints and volume worries pass
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New issue concessions remain skimpy as primary market shrugs off August volatility
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◆ Ten year Länder paper widens against KfW ◆ Deal strikes balance between size and price ◆ Investors on board despite deeply negative OAT spread
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Deals across the spectrum will be vying for investors' attention on Tuesday
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Volatility threatened to bump concession levels higher but low volumes helped avoid that
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◆ ‘Stellar’ outcome say rival bankers ◆ New issue premium ‘makes sense’ given the issuer and beta ◆ Accounts are ‘not afraid’ to engage in August primary market
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◆ German lender readies its first benchmark since January ◆ Deal sized to be capped from the outset ◆ No 'rush' of further supply coming
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◆ German deal is first syndicated benchmark in five weeks ◆ Slim premium paid to secure size ◆ Issuer’s covered bonds are best German performer year to date
