Euro

Downgrade 'pretty much priced in' for French bank and covered paper

◆ Eager investors help book building momentum from early on ◆ UniCredit lands third non-preferred tranche of 2025 inside fair value, say leads ◆ Even ABN's lower-yielding green senior preferred comes near FV

Rating changes to EFSF, French agencies yet to come, impact expected to be minimal

Demand supported by resurgent asset manager bid

Issuance recovers from last week’s wobble but concerns linger after issuers like KfW widen

'Great' market conditions are not immune to central bank surprises and fund inflow changes

◆ Third benchmark SP from the Landesbank becomes year's tightest ◆ This brought challenges and price discovery ◆ Higher new issue premium compensated with 'good' foreign buying

Loans to sectors linked to government spending or regulation could be impacted

◆ Sole management enables quick sale ◆ Debate on fair value but some concession left ◆ Big green bond comes between two SNP redemptions

Paper could arrive on Monday or Tuesday, ahead of flagship covered market event

Major corporates pile into short end of the private placement market

Project financings have stood out so far this year