Currencies

◆ Deal attracts granular book for a Pfandbrief ◆ Premium paid but outcome still 'fair' ◆ Elsewhere, Finnish sub-benchmark deal proves popular

◆ Protective Life executes its third and largest sterling deal ◆ Global Atlantic captures long end euro bid with a 'club deal' approach… ◆ …after an unusually long 15 year sterling outing

◆ 10 year non-call period is longest since 2014 ◆ Pricing comes very close to shorter Nationwide deal from June

◆ UK telco 30NC6.6 and 30NC9.6 hybrids ◆ Peak orders more than 6.2 times the total deal size ◆ Spreads tighten 50bp on both legs

◆ US car maker prints four and seven year euros ◆ Shorter tranche draws keener bid ◆ Euro funding advantage keeps the pipeline building for Reverse Yankees

◆ Positioning and expectations drive prices ◆ US data expected to drive pricing ◆ IDA and Thuringia announce mandates

◆ UK lender builds demand across two legs ◆ Equivalence 'noise' no problem ◆ Canadian paper provides the closest, most recent comparables

◆ German issuer lands €1bn at tightest spread... ◆ ...but still pays a premium ◆ Shorter Pfandbriefe less popular with issuers this year

Loan market tranquil but outlook is not pretty

◆ French political turmoil? No bother ◆ Another €11bn raised from single exercise ◆ Textbook deal, usual 2bp premium paid

◆ Nordea outmanoeuvres spread widening by waiting to print in euros ◆ It and Crelan's SNP deals attract close to €6bn of orders ◆ 'Right to pay' some concession

◆ First euro AT1 since end of June follows dollar trades ◆ Lower tier issuer no hindrance to demand ◆ Spanish bank achieves its biggest AT1 at almost no premium