Currencies

◆ Large book for small tap ◆ Flight to safety helps swap spreads ◆ L-Bank grabs $1.25bn

Cable company goes big on short tranche in M&A related trade

Upcoming deal will extend the Australian lender’s secured curve

Turkish bank is tendering the 2027 bond it didn't call in 2022

The company also adds four to its bank group

◆ Triple-B rated PBB print stuck at IPTs... ◆... while double-B rated Monte dei Paschi achieves strong outcome ◆ OP Corporate Bank lands flat to fair value

Long maturities continue to attract healthy oversubscriptions, but some investors don't see their value

Upcoming deal will be the Quebec bank's debut in the currency

When senior unsecured spreads are so tight, why even think about issuing covered bonds?

◆ Italian bank opts to refinance early deal with call due next year ◆ Pays heightened premium but lower spread compared to earlier, shorter tier two ◆ BPM has been acquiring stakes in Italian financial institutions

Massive market swings make analysing new issue premiums a challenge

◆ Landesbank balances size and price aspirations ◆ Rising geopolitical tensions drive up new issue premium ◆ Spread tightened by less than on recent deals to keep investors in the book