◆Improved Japanese investor appetite visible in non-preferred tranches◆ Two more issuers may print in yen as early as next week◆ Crédit Agricole takes different approach with Panda
◆ Abanca surprises some with early AT1 refi via tender ◆ Piraeus looks to ride warm reception for Greek assets ◆ Different investors expected to support both deals
◆ Issuer committed to cancelling as much old capital as possible ◆ Buying back above par ◆ All buying-back thanks to new AT1 providing capital optimisation
◆ Deal expected to come wider than peers ◆ Wider spread likely to mitigate investors asking for shorter maturities ◆ Will be issuer's second covered bond ever
