Banks

◆ Cost saving to euros and dollars continues to lure non-UK borrowers ◆ Sterling real money investors show clear affinity for higher spread offerings ◆ Demand slows for tighter Nordea

◆ Strong market for subordinated bank debt in euros and dollars ◆ Investors buy ‘undersupplied’ UniCredit AT1 at multi-year low yield in the asset class ◆ Barclays, SMFG and ENBD target dollar AT1 buyers

◆ Macquarie five year follows in CBA's tailwind ◆ Pair pay minimal premiums ◆ Macquarie's first covered bond since 2022

Veteran head to leave

◆ Curve repriced significantly since January ◆ Bond prices tight after spread moves 2bp ◆ Lower Saxony borrows with nine year

◆ Issuer hits a market embracing every type of FIG deal ◆ Big order attrition but no concession paid ◆ CCF prepares to optimise tier two capital well ahead of call

◆ Nordic lender appears with short-dated defensive note ◆ Public FIG FRN sales YTD highest since at least 2020 ◆ Format benefits investors and issuers

◆ Another offshore borrower set to print in euro 6NC5 format ◆ Issuers favour October 2029 Gilt ◆ Investors 'quite ambivalent' about choice of Gilt

BNP Paribas consolidated its status as the leading European corporate and investment bank in 2024, as it strives towards rivalling the US big five. The bank has four priorities for 2025

◆ Investors rush to buy despite yield compression... ◆ ... as French bank aims for both big size and 10 year non-call ◆ Issuer achieves lowest euro reset spread

◆ Prices 15bp through peer ◆ Fair value not easy to calculate ◆ IFB Hamburg prints too

◆ Rare Portuguese issuer lands very close to Pfandbrief ◆ Tightening in covered bond spreads prompts divergent views on where fair values are ◆ Both issuers fund close, if not flat to, perceived fair values