Euro

Wide SSA spreads and stale secondary levels are pushing out covered spreads and NIPs

◆ Only €5bn left of €80bn funding task ◆ Dollars and smaller currencies on the menu ◆ ‘Right demand, right product, right time’

◆ Pricing over size prioritised... ◆ ... but likely not at the initial stage ◆ Elevated concession, albeit not the main measure of FRNs' attractiveness, suggests limits to investor demand

◆ Euro covered priced inside dollars for Canadians ◆ Small premium paid ◆ Infrequent funder 'in the pack' with peers

◆ Capped deal starts with spread range fixed from outset ◆ Issuer adds €115m of orders after setting spread ◆ Finding fair value tricky

◆ Five year deal planned ◆ Savings banks to drive demand ◆ Deal to harness interest for high spread German paper

◆ Book falls €150m from its peak ◆ Leads pledge €107m ◆ Single A deal tricky to compare

◆ New Zealand bank prints for first time in more than a year ◆ Deal execution is one of the best from the issuer for senior funding in euros in recent years ◆ Pricing comes close to FV

◆ Last expected euro benchmark of year ◆ 'Lower size can yield good results' for KfW ◆ Differing fair value opinions

◆ Commerzbank opts to raise long end senior funding for 2025 a week after dollar AT1 ◆ BFCM goes longer compared to recent multi-tranche Samurai ◆ Commerz pays no premium, BFCM offers slight concession

◆ Strong demand allows for tight pricing ◆ New bond pulls Achmea's curve tighter ◆ 'Odd size' wraps up Dutch firm's covered funding

◆ Austrian lender feeds investors hungry for bank capital ◆ Borrower returns to asset class for first time in more than two years ◆ No new issue concession