Banks

◆ First two-part AT1 euro deal since Intesa's own in 2020 ◆ Funding establishes a flat curve ◆ Intesa, BNP Paribas both observe investors' reset spread threshold

◆ €500m 4NC3 EuGB deal priced inside fair value ◆ Greenium helps tighten spreads amid strong demand ◆ Landmark trade cements bank's ESG leadership, says treasurer

The preference for a diverse group of lead managers and the convention of reciprocity keep covered bond bookrunning competitive despite concentration so far this year

◆ UK building society offered 1bp-2bp NIPs on each tranche ◆ Banker said covered was 'well-flagged' ◆ Second banker said they took BNS and added 'UK pick-up'

◆ Finnish bank tightened by 8bp through execution ◆ Banker said 35bp starting point was 'spot-on' ◆ Second banker said deal went 'better than expected'

◆ Austrian lender completes its tightest unsecured debt since the start of war in Ukraine… ◆ …as BPM achieves its lowest ever senior spread ◆ High attrition function of premium and outright spread

◆ Order book close to €5bn ◆ Spread tightened by 9bp ◆ Pick-up over OATs

◆ Issuer finds window between political volatility and supply onslaught ◆ Deal sets record low spread for callable sterling senior bail-in debt ◆ Investors remain on board despite tight price

◆ Deal unaffected by Japanese macro volatility, lead said ◆ Aggressive pricing led to heavy long-end attrition ◆ Continuing trend of heavy supply for dual tranche holdco senior trades

◆ Finnish bank tightened by 7bp through execution ◆ Banker said FRV not easy to calculate ◆ Second banker cited recent strong Nordic covereds

◆ Pricing tightened 6bp from guidance ◆ Slim new issue premium assessed ◆ Bankers said demand has thinned for longer-dated covereds

◆ French bank issues its first euro AT1 in three years ◆ Deal lands flat to fair value, according to sources away ◆ UBS prepares its second Australian dollar AT1 after September's market reopener