◆ Barclays pushes 'very impressive' AT1 flat to fair value ◆ Pension Insurance Corp follows euro peers with tier two ◆ 'Horribly undersupplied' investors pile in orders
◆ Deal sizes demonstrate investors' ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with 'strategic' premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls
◆ Issuance may be concentrated on Tuesday after a single deal on Monday ◆ Prospects for euro paper brighter than dollars ◆ AT1s in any currency likely to do well in this market
◆ Lender takes advantage of demand for higher yielding FIG names ◆ Completes annual funding and MREL requirements ahead of time ◆ Other lower tier European issuers execute similar deals
◆ Investors look to pick up spread through subordination rather than stay safe in senior ◆ Credit Mutuel's insurance arm brings deal ◆ But price on Crelan's 10 times covered tier two causes consternation
◆ Attrition in order books ◆ Investors question valuations amid concerns about new issues underperforming ◆ Pipeline is ‘busy-ish’ and market ‘pretty constructive’