Banks

◆ Third benchmark trade from Luxembourg-based supra this year ◆ Govvie yields higher after US downgrade but issuer undeterred ◆ Execution was quick and typical

◆ Deal draws £470m book ◆ Agency has not appeared in sterling in more than two years ◆ CDC plots two-day execution

◆ Views vary on new issue premium ◆ Sterling market revived this week ◆ AT1 flurry extends

French deal lands close to its euro curve

◆ Larger deal than its previous subordinated sterling issuance ◆ Funding cost comes close to euros ◆ Two ways to construct fair value

◆ HSBC raises more than $11bn-equivalent senior and subordinated funding in a little over a week ◆ Hits improved sterling market for first time since September ◆ Broker IG Group makes its second bond appearance

◆ Each issuer prints larger deal than usual ◆ NWB comes after BNG five year ◆ Quebec gets huge book

◆ Deal attracts strong early momentum ◆ Slim premium paid as HVB lands size ◆ Pick-up offered over German SSAs

◆ QTC aims to build curve in euros ◆ Monitoring dollars too ◆ Canadian comps used

◆ ING new issue premium ‘made sense’ ◆ CredEm sub-benchmark lures buyers ◆ Slower issuance allows secondary performance

◆ EIB taps three year tenor with new EARN benchmark ◆ Eurofima grabs record book with green bond ◆ Busiest week for primary since US tariffs

◆ Both banks issue their second ever euro deals in respective asset classes ◆ SBAB prints much tighter but also ends up with lower oversubscription ◆ Higher spread pick-up on the Croatian deal lures buyers as issuer's credit profile improves