◆ Spanish bank becomes first big European lender to skip an AT1 call this year ◆ Muted market reaction for other issuers so far ◆ Intesa Sanpaolo prints €1.25bn AT1 with €5bn peak book
◆ Quartet prints €2.75bn of senior non-preferred debt ◆ Investors show clear preference for higher yielding paper ◆ Deal with lowest spread pays highest premium
◆ Slimly subscribed deal spotted 2bp-3bp tighter ◆ Undersubscribed Santander UK senior deal also above par ◆ Sterling investors hope for a break in supply after difficult week
◆ UK bank issues its only outstanding Aussie tier two ◆ Second capital deal within a week sold outside of core markets ◆ Funding official says diversification motivated the rare deals
