Rabobank

◆ ¥50bn Euroyen is issuer's first public bond in currency for five years ◆ Wide range of investors buys what was the biggest foreign issuer in yen ◆ Pricing wider than euros, tighter than dollars

From long-dated covered and senior bonds to regulatory capital deals; all were priced tight this week. Even after Thursday's ECB meeting, nothing looks set to worsen conditions for issuers

◆ Duration and spread demand dictate investor demand even at tighter valuations ◆ Rabo exemplifies this trend into a €1bn 10.5 year SNP that was more than six times subscribed ◆ NBG and CIBC also print with arguably no concessions left

◆ European banks lead issuance with focus on senior funding ◆ Market wobbles prove funding more challenging than expected ◆ Foreign banks’ capital raising is one prominent feature

Primary deal flow expected to resume next week, but amount raised will be small

Higher new issue concessions expected to continue into early 2024

New retail government bond sale draws in €4.8bn of demand on first day

Banks seized the opportunity to fund in challenging markets ahead of a looming US government shutdown and increased rates volatility

Issuer has one more benchmark transaction planned for 2023

Labels and length as issuers offer duration to market where 'mis-steps' still possible

European agencies to dominate week’s issuance with Fed and Bank of England in focus

Both supply and demand are on the rise to support more long-dated paper