Euro

Fresh supply sets 'encouraging' tone for January — but issuers should expect to still pay up

Big order books and political changes to come raise chance of opportunistic issuance continuing deep into end of year

◆ Supra returns after two-year hiatus ◆ Deal reopens SSA benchmark issuance, paused since late October ◆ Relative value in focus after end of ECB buying, recent swap moves

◆ Deutsche prints popular €1.5bn deal as investors fight for higher absolute yield ◆ Yield chase prevalent in dollars a day after return of tier ones ◆ SocGen, NatWest market dollar AT1s

BP hybrid sees one of the smallest books of the week

Banking borrower does not get same boisterous demand as other recent automotive deals

◆ German bank prints popular tier two under new green funding framework ◆ Label a positive ingredient, says rival banker ◆ Funding completed at no concession

Billions fall out of Stellantis's book after tightening by 40bp during bookbuilding

◆ Appetite for credit attracts trio to senior market despite weaker backdrop ◆ But face-to-face execution between two similar deals underlines limits for non-major global bank issuers◆ UniCredit diversifies funding with rare floater

◆ ‘Pragmatic’ issuer prices at new found level ◆ KfW bonds used as building block for pricing ◆ Deal should give ‘encouragement’ to others

The loan will refinance the German co-operative's 2018 revolver

◆ 'Capital is name of the game' as deals fetch high demand ◆ Athora surpasses size and pricing targets with RT1 refi ◆ BPER Banca restarts euro AT1 after pre-election wobbles in the asset class