Banks

◆ Senior non-preferred green deal brings back larger funding in a single, longer maturity ◆ Small concession paid ◆ Senior preferred Kangaroo in belly of curve to follow

Sustainable finance chief among those affected

◆ 'Humongous' compression at the long end attractive ◆ Small premium paid on tighter headline level ◆ Tasty pick up still offered over KfW

◆ Belgium arm takes size with first deal since February 2024 ◆ Slim premium paid ◆ More Benelux supply expected

◆ Bank issues two deals a day after record earnings ◆ Week's fourth euro tier two ends with largest demand ◆ Earlier senior bond achieves highest-ever book for an Australian dollar credit trade

Bankers fired when HSBC closed its European M&A and ECM business at the start of the year are resurfacing as big banks plug holes and target mid-market deals

◆ Dutch bank acts more generously than earlier Nordic duo ◆ Deal offers higher absolute spread and new issue premium ◆ Investors like what they see and keep increasing orders

UBS stock has underperformed this year

DekaBank's sub-benchmark success shows investors are there, but issuers are unwilling to follow

Issuers' euros deals experience different attrition rates

◆ Green label and capped size set up tight pricing ◆ Result is Danske's tightest tier two, beating Covid-era issuance ◆ Some first mover advantage gained

◆ First syndicated covered bond since early July almost four time covered ◆ Deal lands tight but still offers SSA pick-up ◆ RFPs circulate as pipeline builds