Euro
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◆ UK lender builds demand across two legs ◆ Equivalence 'noise' no problem ◆ Canadian paper provides the closest, most recent comparables -
◆ German issuer lands €1bn at tightest spread... ◆ ...but still pays a premium ◆ Shorter Pfandbriefe less popular with issuers this year
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Loan market tranquil but outlook is not pretty
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◆ French political turmoil? No bother ◆ Another €11bn raised from single exercise ◆ Textbook deal, usual 2bp premium paid
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◆ Nordea outmanoeuvres spread widening by waiting to print in euros ◆ It and Crelan's SNP deals attract close to €6bn of orders ◆ 'Right to pay' some concession
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◆ First euro AT1 since end of June follows dollar trades ◆ Lower tier issuer no hindrance to demand ◆ Spanish bank achieves its biggest AT1 at almost no premium
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◆ Finnish nuclear generator joins elite green club ◆ Order book stays strong amid price tightening ◆ Deal priced around fair value
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◆ Dutch issuer has raised €1.5bn in three trades ◆ Deal priced near fair value ◆ Trade timed to avoid French political volatility
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New long bond to be an ‘eye-catcher’ for absolute yield buyers
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Banks see opportunities in supporting direct lenders' ESG loan initiatives
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French government vote and EU syndication to shape market in coming days
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◆ Other recent German deals finished uncovered ◆ RV against KfW was important ◆ Some argue outcome 'not great'
