Banks

◆ Final spread looks attractive for a sub-benchmark deal ◆ Book almost five times covered ◆ Low single digit concession offered

◆ 'Special trade' for the Dutch agency ◆ Bankers agree on NIP ◆ AIIB trade gives demand signal

◆ ABN eyed traffic jam ◆ NIBC competes with popular names ◆ Pekao manages book sensitivity

◆ Canadian issuer last appeared in euros in 2022 ◆ ‘They came back with a strong print’ ◆ Large book makes allocation a challenge

◆ Deal attracts largest SSA book since Feb ◆ Issuer follows usual pattern ◆ Strong macro, interesting RV

◆ Aussie lender ends more than two year absence ◆ Little or no premium paid ◆ Deal lands close to eurozone paper

◆ Tier one capital flies in rallying market ◆ High initial new issue premiums draw big orders ◆ Axa adds new tier two, Commerz buys back old AT1

HSBC has set the plan for its slimmed-down investment bank, but the model is untested — and was not designed by those who will implement it

Improved all-in funding conditions lure a host of European banks to the US as Citi emerges with jumbo opco trade

◆ Fair value debated ◆ Some question RV attractiveness to global investors ◆ Dollars main funding market ‘for now’

French bank hands advisory chief extra duties

◆ New senior FIG deals print with mid-single digit concessions... ◆... though Belfius offers more for its largest non-preferred funding since 2020 ◆ M&A target Monte dei Paschi prints year's first deal