ABN Amro

◆ Dutch bank last issued in 2022 ◆ Investors eager to buy after lacklustre June and July ◆ Next to no premium needed

The FIG primary market reopened this week after the conclusion of the French parliamentary election but it has emerged that not every issuer is returning to a rapturous response

◆ Strong demand pushes new bank capital deals close to or even inside fair value ◆ Banco BPM brings new AT1 alongside tender ◆ ABN gets negative NIP on tier two

◆ €750m deal is Dutch bank's first in euros since 2020 ◆ Issuer could wait out raising capital and yields to stabilise after Credit Suisse's demise last year ◆ ABN raised a little more capital than its shortfall of around €600m

Scarcity and 'clever tenors' deliver €7.2bn book for ABN as 'pragmaticism' secures €1bn for Santander

BTP's overnight performance helped secure domestic interest

Bank of America and Citi tapped into a vibrant US FIG market this month

◆ Domestic and international investors split over price ◆ Final spread strikes balance between differing spread opinions ◆ Debut deal attracts highly granular book

Silicon Valley Bank’s collapse in March postponed the pipeline of state selldowns

◆ Demand skewed towards higher spread products ◆ Niche names to follow ◆ ABN also takes size in Swissies

The company is raising finance to buy back old stock after its recent merger

Dutch deal gathers bigger interest than European peers thanks to spread pick-up and shorter maturity