Banks

Borrowers benefit from scarcity value and lack of competing supply

Fair value is seen around high-20bp with more than 10bp of pick-up versus KfW

Deal priced flat to fair value as UK asset mangers likely buyers

◆ ¥50bn Euroyen is issuer's first public bond in currency for five years ◆ Wide range of investors buys what was the biggest foreign issuer in yen ◆ Pricing wider than euros, tighter than dollars

The US bank picked one of its own senior bankers to run the busiest equity syndicate desk in EMEA

◆ French bank double taps the dollar market to raise $4.75bn in senior and deeply subordinated debt ◆ BNPP attains its largest ever senior order book as demand reaches $15bn ◆ US insurance companies fund

UK wins add surprise benefit ahead of US push

German issuer is also monitoring issuing conditions in dollars and smaller markets such as Kangaroo

◆ High oversubscriptions despite tight pricing show investors’ eagerness to buy FIG ◆ RBI prints a day after announcing potential Belarus exit ◆ Mizuho’s long 10 year confirms bid for duration

◆ French bank raises €500m from a 12 year non-call seven tier two social bond ◆ Strong demand for FIG capital pushes final book to €5.6bn ◆ UBS returns to Singapore with fresh AT1

Issuer was one of a handful of German SSAs to benefit from a quiet primary market this week

UK lender prints largest single tranche covered bond from a foreign issuer since last August