Nordea Markets

◆ 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

◆ Spreads too good for banks to regret issuing ◆ One of the busiest September starts in US FIG ◆More than a dozen foreign banks print over $27bn in just three days

◆ Kommuninvest spread surprises bankers ◆ KommuneKredit takes twice covered book ◆ ‘A tough one at the moment’ for euros

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

◆ Missing fast money causes problems ◆ Fair value is a moving target ◆ SEK sails through with no-grow