Currencies

◆ Euro covered priced inside dollars for Canadians ◆ Small premium paid ◆ Infrequent funder 'in the pack' with peers

◆ Capped deal starts with spread range fixed from outset ◆ Issuer adds €115m of orders after setting spread ◆ Finding fair value tricky

◆ Five year deal planned ◆ Savings banks to drive demand ◆ Deal to harness interest for high spread German paper

Shopping mall company received a blowout response to its £400m bond last week and good take-up of a tender offer

◆ Book falls €150m from its peak ◆ Leads pledge €107m ◆ Single A deal tricky to compare

◆ New Zealand bank prints for first time in more than a year ◆ Deal execution is one of the best from the issuer for senior funding in euros in recent years ◆ Pricing comes close to FV

◆ Last expected euro benchmark of year ◆ 'Lower size can yield good results' for KfW ◆ Differing fair value opinions

◆ Issue takes large size from single tranche ◆ Tight US Treasury spread is expected ◆ How much tighter can issuers go?

◆ Commerzbank opts to raise long end senior funding for 2025 a week after dollar AT1 ◆ BFCM goes longer compared to recent multi-tranche Samurai ◆ Commerz pays no premium, BFCM offers slight concession

◆ Deal comes close to fair value ◆ Shorter tenor offers investors something different ◆ Mass wave of sterling supply not expected to follow

◆ Strong demand allows for tight pricing ◆ New bond pulls Achmea's curve tighter ◆ 'Odd size' wraps up Dutch firm's covered funding

◆ Austrian lender feeds investors hungry for bank capital ◆ Borrower returns to asset class for first time in more than two years ◆ No new issue concession