◆ Senior arrives a week after €5bn book for covered deal ◆ Latest orders land at €1.4bn ◆ Rival bankers say smaller book down to smart execution, not saturation
◆ Deal execution is ‘exemplary of the current market’ ◆ Demand drops by around €2.4bn from peak to landing, yet clears 10bp inside fair value ◆ Issuer reduces cost with bullet and counts SP bonds towards MREL
◆ €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
European insurers' debt issuance volumes are forecasted to increase by 50%-90% this year, with a steady flow of deals from the second quarter. The question is how much of this will be net new capital?
