Currencies

◆ Danish bank brings unusual M&A financing to FIG market ◆ Senior non-preferred and tier two issuance needs have doubled ◆ Will deploy 'very rare' senior and tier two combo

◆ No pick-up offered to French govvies ◆ Deal lands through fair value ◆ Investors still eager to pick up paper

◆ Specialist CRE lender raises capital to replace AT1 it kept extending since 2020 ◆ Outcome seen as positive for banks involved in the CRE lending ◆ Dollar funding comes some 300bp below euro AT1 coupon

Blowout demand for 20 year sterling tranche suggests investors are not beholden to rate volatility

◆ Deal finds demand despite arrest of South Korea's president ◆ High single digit concession left for investors ◆ Leads added spread to calm concerns

Shariah-compliant credit facility expected to play 'pivotal role' for the borrower

◆ LF Bank finds 'some resistance' to spread tightening ◆ Big divergence on FV ◆ Novo Banco spread 'astonishing'

◆ German states are performing well ◆ Placing fair value for the Länder segment is hard ◆ 15-year deal tightened 3bp

EGBs and USTs are having trouble too; what makes the UK any different?

Issuer prepares thoroughly for 20 year after solid start by Mercedes

Sustainability-linked revolver refinanced two years early

◆ Only one way to assess fair value ◆ Strong market continues to surprise ◆ Spreads ‘so compressed’ in dollars