Euro
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Tighter spread to Bunds and real money investor interests observed in its new deal -
◆ First Canadian tier two in euros since 2008 ◆ How TD alleviated concerns surrounding its profitability ◆ Issuer achieves 'competitive' diversification
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◆ Danish bank brings unusual M&A financing to FIG market ◆ Senior non-preferred and tier two issuance needs have doubled ◆ Will deploy 'very rare' senior and tier two combo
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◆ No pick-up offered to French govvies ◆ Deal lands through fair value ◆ Investors still eager to pick up paper
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Blowout demand for 20 year sterling tranche suggests investors are not beholden to rate volatility
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◆ Deal finds demand despite arrest of South Korea's president ◆ High single digit concession left for investors ◆ Leads added spread to calm concerns
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◆ LF Bank finds 'some resistance' to spread tightening ◆ Big divergence on FV ◆ Novo Banco spread 'astonishing'
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◆ German states are performing well ◆ Placing fair value for the Länder segment is hard ◆ 15-year deal tightened 3bp
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Sustainability-linked revolver refinanced two years early
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◆ Banco BPM, BAWAG and SBAB sell senior preferreds ◆ RV disadvantage vs covered 'may be fading' ◆ Green and social labels 'helping' some deals
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◆ Price discovery and issuer frequency impacts LBBW SNP offering ◆ KBC order book holds firm ◆ Less frequent issuers drive second wave of issuance
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◆ Small French name attracts €3bn book ◆ Almost no premium needed ◆ Small pick-up to OATs no problem
