Euro

Busy streak of capital issuance has disgruntled some investors, but bank issuers still have upper hand in a rate cutting cycle

US election and earnings blackouts slam breaks on busy year

◆ Deal appears unaffected by rising Middle East geopolitical tensions ◆ Local investors back the deal during first day of marketing ◆ Pricing around fair value with possible minimal concession

◆ Last EARN benchmark from the supra this year ◆ Deal's success will be hard to replicate ◆ Issuer could prefund another €4bn

◆ Tatra brings first covered since Jan 2023 ◆ Hypo Oberösterreich offers sub-benchmark deal ◆ Covered primary issuance now 'a little bit slower'

◆ Issuer one of a handful to issue euro floating rate notes ◆ Spreads wider than earlier in the year ◆ ‘There isn’t really a fair value’

◆ BFCM prepares its annual visit to yen market ◆ BayernLB to debut senior preferred debt ◆ Arion chooses Scandi currencies

◆ A few basis points left on table for investors ◆ Recent spread widening presents challenge ◆ Some issuers have 'pushed backed' or 'withdrawn' mandates

Sterling the big winner year-on-year as US election volatility looms

◆ IBB has clear curve-building strategy ◆ Offers attractive pricing against KfW and Länder ◆ Five year tenor pulling in accounts

Borrower draws ample demand as issuance volumes slow

Deals dry up as IG corporates have slowest Monday in a month