Banks
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◆ Joint largest US bank deal in euros in at least five years ◆ More than twice subscribed ◆ Heightened premium compared to dollar funding -
Challenger bank's senior notes land just 1bp outside Santander's recent trade
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◆ Issuer had market to itself on Tuesday ◆ Deal landed covered just outside fair value ◆ Issuer's first covered bond since October
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◆ Mixed elements of senior, covered, SSA bonds ◆ Book peaked at more than €2bn ◆ Several deals paused amid macro worries
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◆ Swiss bank's first covered since January 2025 ◆ Only new covered bond anywhere on Monday ◆ Pricing comfortably inside fair value
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Further repricing activity expected this year as CLO demand outstrips loan supply
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Promotion after strong gains in corporates and MTNs
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◆ La Banque Postale increased size during execution ◆ French bank’s first covered since October 2025 ◆ French bond was only covered bond priced on Friday
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Lamarque is one of the architects of modern European bond syndication, said one colleague
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Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans
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Market participants doubt primary market can maintain its rapid pace
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Four out of the six major money center banks boost new year issuance volume at tight spreads
