Euro

◆ Rates and geopolitical volatility weigh on investor sentiment ◆ Fast money investors show price sensitivity ◆ Low single digit premium paid

◆ Bank of America and National Bank of Canada opt for Monday issuance in shortened week ◆ Somewhat weaker backdrop results in lower price tightening versus recent senior deals ◆ BofA boosts euro funding this year to €6.25bn

Scope warns country is ‘heading towards difficult budgetary trade-offs’ with increased defence spending

◆ Dutch insurance company prepares deeply subordinated issue amid weaker market ◆ But FIG's fundamentals unchanged ◆ Spike in rates may boost demand from yield buyers

Leads to use comparables ranging from South Korea to Denmark when pricing upcoming deal

◆ Not covered but not uncommon ◆ Prices around 2bp through fixed rate curve ◆ More German state supply expected

German issuer's own comparable tenor deals disregarded in favour of more recent peer supply

Market fed more information on Germany's defence and infrastructure spending

Estonian lender set to join Austrian and German-led sub-benchmark flurry

Sterling AT1 revival comes amid dispute over Deutsche Bank's foreign exchange losses

Swap spreads test new tights on fiscal expansion concerns as issuers turn to dollars

◆ Compressed capital structure makes 11NC10 senior attractive ◆ Investors price-sensitive on longer tranche ◆ High cash balances pour into FRN