Currencies

◆ UK lender deal beats expectations amid limited competing supply ◆ Issuing in euros was cheaper than sterling ◆ Italy's BFF Bank returns to bond market but pays more than in April

◆ Dual-tranche deal attracts €200bn of orders ◆ New seven year was somewhat unexpected ◆ Bookbuilding started with 4bp of premium

◆ Rarity, tenor and size fuel demand ◆ Big book and dozen dealers make allocations tricky ◆ Next to nothing paid in premium

◆ Issuer avoids pushing already tight deal too tight ◆ Single digit premium paid ◆ Green German supply ahead of 2023 year to date

There have been net outflows from European IG credit during just three weeks this year

◆ US bank brings sizeable sterling deal ◆ Fair value debated ◆ Bankers say sterling starved of supply

◆ €500m no-grow deal over three times covered ◆ Only 1bp premium paid ◆ Deal finishes CFF's funding for the year

◆ Strong market can absorb unsecured bonds from rare issuers ◆ Coventry offering first deal in more than a decade ◆ BFF to issue senior bond after providing amended financial statement to Bank of Italy

Confluence of factors leads investors to pile £1.5bn into book

Company hits the bond market days after announcing organisational restructure

◆ Final books not disclosed ◆ Small premium paid for tight trade ◆ Some investors face line limits

◆ BNP Paribas readies first covered of 2024 ◆ French firm appoints 12 bookrunners ◆ MunHyp to benefit from reshaped yield curve