Euro

'No brainer' issuer set to price a seven year bond on Wednesday

◆ French banks paid minimal NIPs at start of 2025 ◆ Pace of issuance began slower than 2024 ◆ Volumes increase as US banks arrive

◆ Views on fair value differed ◆ France syndication ‘the next big test’ ◆ Supra attracts €60bn final book

Borrower shows that triple-B rated names have no problem calling long distance

Some of these deals stalled late last year and have spilled over into this year

◆ Book crosses €3bn after 45 minutes ◆ Investors eager to buy any and all covered bonds ◆ Demand allows for next to no premium

◆ Deal the UK lender's largest since 2010 ◆ Little to no premium paid ◆ UK paper in euros pricing close to EU peers

◆ Dual-tranche offering draws big order book ◆ Concession varied on each leg ◆ 11NC10 structure follows popular JP Morgan trade

Danish agency prints in euros, will look for dollar and green windows

◆ Bankers expect much issuance of insurance capital ◆ Big redemption and capital positoning suggest RT1 preference among borrowers ◆ Achmea underlines trend as it will refi granfathered T2 with RT1

Company is reducing size of its loan and bond debt in combination deal

No competition expected as investors hunger for covered paper across the curve