Nordea Markets
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Nordic sovereign presents investors with 'untested water' -
Lloyds, Nordea and Helaba offered bail-in paper across the curve
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US conditions were brighter after Memorial Day holiday
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Blocks perform well despite low issuance, but discounts could remain wide
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After more than a week-long absence of senior bank issuance in euros, the Nordic financial demonstrated that longer maturities are open for stronger names
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Closely watched long dated tranche strong enough to command €37bn of orders
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There is still appetite among investors for European banks despite slowing economic growth in the region
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High quality foreign names are offering attractive Swiss franc yields
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Intesa Sanpaolo’s restart of the additional tier euro market and the maturity extension of covered bonds signals a turning of risk sentiment
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Demand was good for the rare Finnish deal, but the result of a six year from Arkéa was less clear cut
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Danske and Swedbank pay low double digit premiums for five year bond sales
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Sovereign paid 'minimal concession' for its Nkr20bn 10 year note
