Euro

◆ Two non-EU banks hit the senior market with green bonds ◆ SMFG's first deal in 15 months benefits from scarcity value ◆ Landsbankinn compresses Icelandic bank spreads but pays higher premium than larger European issuers

Slow start to the week but larger borrowers, including EIB, expected to join in

Forestry company pushed out maturities as some bankers say green lending is proving tricky

◆ Deal follows recent tier two success ◆ Issuers 'need to be fair' when approaching market ◆ LBBW announces Berlin Hyp rebrand

Auto manufacturer's euro curve widens up to 11bp after it slashes estimated AOI margin

◆ Austrian bank returns to senior market with a green bond for first time since January 2023 ◆ Since then it has issued a covered bond and two types of capital ◆ New deal is longer and tighter than last year's funding

Banks are looking at next five weeks to raise anything from deeply subordinated capital to senior debt

Increased volumes and a widening trend are forcing public sector issuers out of euros

Some see order book attrition as a red flag but others argue it's healthy

Borrowers should show more discipline if they don’t want to risk undermining all the investor work they have done

◆ Issuer appears for first deal since 2022 ◆ Tight pricing against Austria ◆ Healthy demand helps Asfinag take home target size

◆ Insurance companies continue to pump tier two capital this week ◆ Banks opt for the most subordinated debt funding in dollars ◆ Small Smaller French insurer receives 8.8 subscription ratio despite French assets widening