◆ Heavy January supply and higher NIPs will spur pre-funding ◆ Earnings blackouts, rates and geopolitical tensions are curbing issuance ◆ Montepio waits for stability
◆ Bank pushes forward to raise capital outside of home market ◆ $750m deal attracts $7.5bn demand by New York open ◆ Deal benefits from government support making it different to other AT1s
◆ French bank issues SP yen bonds for the first time in at least four years ◆ Deal attracts investors previously unable to buy ◆ May form a template for other European banks
