Euro

Streak of high-yielding FIG credit attracting ample demand has been broken

◆ Deal meets investor resistance despite higher yield ◆ Offers 'attractive yield' but book drops to just above €750m issue size ◆ German bank to refi early only Landesbank AT1 via tender

The loan is the largest underwritten by banks in Albania

◆ Follows similar attrition Mediobanca experienced on Monday ◆ Rival bankers give mixed assessment ◆ Jyske Bank senior offering holds up better

Investors' wariness around high beta credits is not showing in the primary market

◆ Deal hits size and price targets ◆ Starting spread catches investors' attention ◆ Small pick up offered over OATs

Average new issue concessions a fraction of what they were a year ago despite almost double the volume being priced

◆ New investors drawn to RBC euro FRN ◆ NatWest gains from lots of liquidity ◆ Market is 'keen to rally' ahead of US election slowdown

◆ Investors pull orders after sharp tightening ◆ Familiar structure offers 'nothing groundbreaking' ◆ Other rival bankers say deal went 'absolutely well'

◆ Three banks show keen desire to close strategic capital deals before November ◆ 'Outsized bid for high beta' continues to drive buyers to tightly priced capital ◆ Belfius prices in euros and SEB goes for dollars

◆ Large order book as rates curve lures buyers ◆ Double 'scarcity' value also a factor ◆ Bankers debate new issue premium

IG corporate buyers awash with cash on the lookout for opportunistic euro trades