Banks

Banker to cover financials, public sector issuers and asset managers

A change in regulation has prompted DNB to redeem long-held legacy bonds that it counted as tier two capital

◆ First euro AT1 for more than two months as Santander, other G-Sibs went for cheaper dollars ◆ Non-national champion status makes it 'not straightforward' execution ◆ Ongoing strong bid for yield

Issuance opportunities abound across capital stack but borrowers said to be happy to wait for deeper liquidity

◆ Issuer stays in senior format as European peers opt for raising AT1 capital ◆ State Street adds rare tier two to funding mix ◆ Conducive market may stretch FIG issuance after Thanksgiving into December

The Spanish lender is looking to buck the trend among European banks that have tried and failed to build a sustainable presence in US investment banking

Smaller issuers could face tougher conditions heading into next year

◆ Nordea's deal shows greemium is alive in the FIG market ◆ Pricing was flat to fair value thanks to robust demand ◆ Bawag uses tender to reallocate old investors into new €400m tier two refinancing

◆ Fourth deal in a little over a week will add to $6.5bn of AT1 issuance ◆ Comes just a day after Barclays garnered huge response for its tightly priced trade ◆ Santander seen focusing on achieving lower yield

◆ Macquarie Group's first euro senior deal in almost two years ◆ Aussie name likely lured investors ◆ S-Bank issuing euro FRN

Sovereign gets second largest book ever despite political hubbub

Short end demand wanes as investors adjust to 'peak rates' narrative