Currencies

Scarcity value help propel the book to almost €2bn

◆ Order book halves after ‘aggressive’ tightening ◆ Bankers away say deal came through fair value ◆ FRN bid 'strong'

The UK building society attracted a combined €4bn of orders

Investors snap up low rated IG companies, but demand double digit concessions

◆ Achmea proves appetite for higher beta tier two ◆ HCB senior preferred 3.6 times covered ◆ 'Senior issuance is still working'

Cypriot lender's debut green bond emulates similar deals

Fruitful day for issuers as investors lust for low beta

Further Nordic supply expected from Sweden’s LF Hypotek

French agency capitalises on rare capital market visit

Sovereign issuer passed ‘real test for investors appetite’ after returning to IG ratings status

◆ Investors look to pick up spread through subordination rather than stay safe in senior ◆ Credit Mutuel's insurance arm brings deal ◆ But price on Crelan's 10 times covered tier two causes consternation

◆ Attrition in order books ◆ Investors question valuations amid concerns about new issues underperforming ◆ Pipeline is ‘busy-ish’ and market ‘pretty constructive’