Banks

◆ World Bank returns to five year dollars ◆ Rare IDA 10 year on offer in euros ◆ Supra open for business until year-end

Issuer almost alone among US and European companies in market this year

◆ Only €5bn left of €80bn funding task ◆ Dollars and smaller currencies on the menu ◆ ‘Right demand, right product, right time’

◆ Pricing over size prioritised... ◆ ... but likely not at the initial stage ◆ Elevated concession, albeit not the main measure of FRNs' attractiveness, suggests limits to investor demand

◆ Dutch bank pushes sterling funding through its euro secondary curve ◆ Max size achieved ◆ Investors remain glued to the deal as they foresee performance amid supply scarcity

◆ Euro covered priced inside dollars for Canadians ◆ Small premium paid ◆ Infrequent funder 'in the pack' with peers

New head for Iberia recruited to grow capital markets and bank financing business

◆ ‘Blow-out book’ for regional issuer ◆ Attractive spreads versus swaps, OATs ◆ Minimal new issue premium paid

◆ New Zealand bank prints for first time in more than a year ◆ Deal execution is one of the best from the issuer for senior funding in euros in recent years ◆ Pricing comes close to FV

◆ Last expected euro benchmark of year ◆ 'Lower size can yield good results' for KfW ◆ Differing fair value opinions

◆ Issue takes large size from single tranche ◆ Tight US Treasury spread is expected ◆ How much tighter can issuers go?

◆ Commerzbank opts to raise long end senior funding for 2025 a week after dollar AT1 ◆ BFCM goes longer compared to recent multi-tranche Samurai ◆ Commerz pays no premium, BFCM offers slight concession