Euro

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

◆ Economic growth, upgraded ratings and wider spreads all attractive versus rest of DM Europe ◆ Bankinter prints on the edge of FV as Unicaja leaves small NIP ◆ BPM and Novo Banco come through FV

◆ Borrower's first deal of its new fiscal year ◆ CBA opts for size ◆ Market receptive to 'off the run' tenor

Bankers split on expectations as ‘everyone has been in the market’

◆ Limited sized deal attracts ‘very good book’ ◆ ESM curve tight, E-supra bonds referenced ◆ €2bn left to do this year

Spreads tighten by more than average in sign that investors are far from sated

◆ Book building slows ◆ Spread tightening lessens ◆ Volume not to blame for lower demand

◆ 'Solid' demand manifests ◆ ABN shows duration appeal ◆ Greece's Alpha Bank next in euros

Other incoming new issues include a niche social bond in sterling