Banks

◆ Receptive but crowded FIG market requires concessions for funding to clear ◆ BBVA goes big with its first SP in more than two years ◆ Bawag issues first bond after PTSB acquisition

Bank issuance ranges from strategic tier one capital to insurance subsidiary funding externalisation and big senior bond offerings

◆ Investors turn 'picky' on busy session, says lead ◆ Insurance wing's third CAA trade this year ◆ Double-digit NIP

Harben is backed by Bradford & Bingley mortgages, Avon by GMAC and Platform Home Loans mortgages

Spuerkeess, Fairstone Bank of Canada and Evangelische Bank issued mandates for debut bonds

Company ‘made out like bandits’ as investors piled into deal and delta placement

◆ Deutsche goes big as with AT1 ◆ Third AT1 in a row underlines a conducive market for strategic capital funding ◆ Pays premium, but spread pushed under 400bp

The ECB, national central banks and 13 market participants have already connected

◆ Spreads tightened on both tranches ◆ Four Spanish covered bond issuers this year ◆ New issue concessions paid on both tranches, says banker

French bank has been in pole position in the MTN and private placement market

◆ Friday Italian capital raising completed ahead of potential big issuance next week ◆ Strong market tone drives rise in AT1 bids ◆ Bank marches inside 300bp reset but also through recent Commerzbank spread

Sxiteen additional lenders joined the syndicate as Uniper and Amazon sign offtake PPAs