Banks

◆ 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

One recruit will cover insurance companies, the other UK financial firms

◆ Both legs of dual tranche tightened ◆ Only one covered has landed tighter this year ◆ Banker said both tranches were at fair value

◆ UK lender raises $4.5bn-equivalent in five senior holding company tranches this week ◆ Both deals target long dated funding ◆ Despite secondary widening, euro offering lands with hardly any premium

◆ Insurance companies anchor long dated green tranche with near-4% yield ◆ Curve extension debated ◆ Deal comes amid widening secondary spreads but lands with negligible premium

◆ 52bp reoffer equals Nordea’s multi-year record ◆ ‘Insane’ levels show FIG spread compression, rival banker said ◆ Buy-and-hold investors prioritised

Post-earnings issuance surged with borrowers taking advantage of tight spreads to raise more than $14bn in early February.

Only one of Canada's big five banks has yet to publicly support new defence bank initiative