◆ Both 2025 primary debuts are mid-range senior preferred bonds ◆ Belfius offers some premium but loses more orders than Iccrea ◆ Both deals achieve same subscription ratios
◆ First tier two in euros after Aussie AT1 phaseout confirmation ◆ European investors like what they see, even at tight valuation ◆ Some disparity between primary and secondary markets
◆ Hamburg Commercial Bank opts for price over size and prints tight ◆ Crédito Agrícola shakes off past struggles ◆ Italian specialised government agency drastically lowers funding cost
◆ Eurobank raises €400m to buy back €200m of acquired Hellenic Bank's tier two ◆ OP Corporate Bank makes first appearance in subordinated euro market since 2020 ◆ Clear preference for yield prevails
◆ Three in three days for 11NC10 after long dated deal scarcity ◆ Debate on negative concession ◆ BofA rides Reverse Yankee wave with big dual-tranche print
