Euro

◆ ’One of the best trades’ from the past two weeks ◆ Dutch agency chooses short maturity ◆ NIPs have ‘crept up’ but deal priced tight

◆ German real estate lender to print first subordinated note in a decade ◆ Crédit Agricole Assurances copmpletes bullet with no book attrition ◆ Insurer uses proceeds to buy back two perpetual notes

Borrower looks to have paid modest concessions after credit markets opened wider on Wednesday

◆ No book size revealed ◆ Issuer braves volatile market ◆ Short end of curve tricky to navigate

◆ Debut euro FRN syndication for Belgian bank ◆ Deal arrives just a day after similar TD offering ◆ Euribor basis has improved

Public markets have proven to be often just as illiquid, leading to a convergence in approach

◆ TD prints second euro FRN of 2024 ◆ NordLB makes SNP debut ◆ Sabadell enters sterling senior market

Wide breadth of choices is enabling investors to be picky

Hybrid from Snam and sustainability from Welsh Water

◆ Deal comes close to yields on Italian govvies ◆ Tight level puts off some investors ◆ More Italian issuance due

Borrower buoyed by rarity and recent ratings upgrade in €650m trade

◆ BNP Paribas reopens most subordinated issuance in dollars ◆ Bank of Ireland goes for eyewateringly tight new deal and tender ◆ Alpha Bank tightens 50bp