Banks

◆ Deal comes earlier than expected ◆ 20 new investors, including a European supranational ◆ Two green bonds done this year

Christopher Bond becomes strategic FIG adviser

◆ The new pecking order in eurozone government bonds ◆ Can the bond market build Britain? ◆ UniCredit v Commerzbank: after Orcel's gambit, the Orlopp defence

Commerzbank’s new chief executive Bettina Orlopp has limited options to defend the bank — unlike UniCredit in attacking it

Bumper September brings post 2020 peak

◆ Three year deal 'obviously the blowout' trade of the day ◆ Biggest order book in dollars ◆ Pricing through fair value but still attractive relative value

◆ Another $500m no-grow launched ◆ Can’t stay away from the dollar market ◆ Fair value hard to pin down

◆ Minimal premium paid ◆ Structural demand from UK bank treasuries down but Asia steps in ◆ Sterling spread vs euro more attractive for issuers

BNP Paribas took Pirelli and Citi took Renk as shareholders exited and trimmed stakes on Tuesday night

◆ Pricing through fair value ◆ Big size for 'darling' Canadian issuer ◆ Attractive pricing over tier one SSA names

◆ Deal appears unaffected by rising Middle East geopolitical tensions ◆ Local investors back the deal during first day of marketing ◆ Pricing around fair value with possible minimal concession

◆ Last EARN benchmark from the supra this year ◆ Deal's success will be hard to replicate ◆ Issuer could prefund another €4bn