◆ Market moves wider but German insurer still gathers €2.4bn of orders ◆ Pays higher NIP to print than it would have a day earlier ◆ Starts buy-back of RT1 ahead of September call date
◆ Two banks print €2bn on the back of almost €5.5bn combined demand ◆ Investors keen to pick up yield through subordinated debt ◆ All this, despite tier two paper trading tighter than a year ago
◆ Issuer drives down yield by more than 200bp tighter than where other European national champions printed three months ago ◆ But this means smaller book that raises performance questions
