Nordea Markets

◆ Cost saving to euros and dollars continues to lure non-UK borrowers ◆ Sterling real money investors show clear affinity for higher spread offerings ◆ Demand slows for tighter Nordea

◆ Nordic lender appears with short-dated defensive note ◆ Public FIG FRN sales YTD highest since at least 2020 ◆ Format benefits investors and issuers

◆ New 10 year issued every year since 2014 ◆ Pricing comes close to flat ◆ One more syndicated offering planned

◆ Rare euro appearance from Norwegian agency ◆ Deal was 'one of the most successful' ◆ Differential to KfW gets tight

◆ Issuers add tier two debt amid lower relative cost to senior layer ◆ Danske Bank prints in euros at no premium as Nordea said to have garnered largest size locally ◆ BNPP, HSBC and Westpac target dollar market

Abnormal trend expected to continue posing question for FIG treasury officials

◆ Nordea swiftly prints tight senior non-preferred a day after earnings ◆ Arkéa stretches even longer as it takes 10 year senior preferred funding ◆ Healthy books of €2bn each show conducive market

◆ Bloc lands another €10bn-plus deal ◆ Book almost a record ◆ Both real and fast money show hands

The troubled Swedish landlord is targeting an €800m market cap for its residential real estate arm

◆ First euro print for the sovereign since 2022 ◆ Focus on price over size ◆ Euro all-in cost proves attractive

Favourable conditions could encourage pre-funding for 2025

◆ Pan-Nordic issuer ‘deliberately’ waits after the Fed ◆ Rivals’ rallying AT1s provide tailwind for price compression ◆ Investors keen on debt capital