Banks

◆ €3.25bn of new issuance comes as Goldman Sachs brings €7bn across four tranches ◆ 'Surprise' as two US names proice on same day ◆ Positive concession might force European banks to pay more next week

Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital

Market enters third chapter of 2026, in which issuers and investors strike a more equal balance even though issuers may need to pay up

UK house has boosted returns at its investment bank and is bullish on ECM and M&A despite falling below expectations

German bond house adds to growing roster of primary dealerships

◆ More than €20bn of orders at peak ◆ Up to 10bp of concession on each tranche, says rival banker ◆ May push European banks to pay more to get deals done

Former UK DMO chief becomes non-executive director

◆ Macquarie tightened by 6bp to 27bp over ◆ Banker said this represented ‘small new issue premium’◆ Bankers said investor demand for covereds is cooling

Commerzbank reshuffles leadership in Germany amid loan build-up

◆ Swiss issuer placed both tranches at €750m ◆ Spreads on both tranches tightened by 5bp ◆ ‘This was a slower trade,’ says banker

◆ ◆ 30bp was ‘right starting point’◆ Issuer lands at 'fair value'

Two senior investment bankers have resigned from SMBC, one headed to BBVA