ING
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◆ Weaker and more volatile market but funding conditions attractive for banks ◆ Crédit Agricole, ING and MUFG turn to dollars ◆ Torrent of tier two -
◆ Softer open no problem for Dutch bank ◆ Market ready and willing to buy size ◆ Investors show large preference for one tranche over the other
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High demand for senior and tier two debt keeps deals rolling in
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◆ Belgium arm takes size with first deal since February 2024 ◆ Slim premium paid ◆ More Benelux supply expected
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◆ Dutch bank acts more generously than earlier Nordic duo ◆ Deal offers higher absolute spread and new issue premium ◆ Investors like what they see and keep increasing orders
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Aussie covered supply could rise if proposal to lift cover pool cap passes
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Long end deals could be on the cards for brave Benelux borrowers
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◆ Old tier two call date approaches ◆ Tier two pick-up over senior gets tighter ◆ Wide range of feedback but ‘can’t compare this to anything’
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◆ Hesse prints largest European regional green bond ◆ ESM builds 'massive' book ◆ CDP tightens pricing by 6bp
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◆ IDA fair value more art than science ◆ MuniFin gets over 140 accounts in its book ◆ Madrid makes debut EuGB trade
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◆ ING new issue premium ‘made sense’ ◆ CredEm sub-benchmark lures buyers ◆ Slower issuance allows secondary performance
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◆ IBB, Saxony-Anhalt, AFL price deals ◆ One trade "accelerated" ahead of cramped market ◆ All notes price tightly
