◆ More than €20bn of orders at peak ◆ Up to 10bp of concession on each tranche, says rival banker ◆ May push European banks to pay more to get deals done
Century bonds might be smart funding for an issuer but they are also a signalling tool that tell us about investor desire, confidence and changing market cycles
◆ First two-part AT1 euro deal since Intesa's own in 2020 ◆ Funding establishes a flat curve ◆ Intesa, BNP Paribas both observe investors' reset spread threshold
◆ Austrian lender completes its tightest unsecured debt since the start of war in Ukraine… ◆ …as BPM achieves its lowest ever senior spread ◆ High attrition function of premium and outright spread
◆ Issuer finds window between political volatility and supply onslaught ◆ Deal sets record low spread for callable sterling senior bail-in debt ◆ Investors remain on board despite tight price
