Currencies

◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls

Smaller spread moves during bookbuilding hint at more aggressive opening stances from borrowers

Corporate issues have been rare in recent weeks, leaving investors with appetite

Supply, not demand, will dictate future floating rate issuance

Optimism rebounds after recent new issues were priced through fair value once more — but some parts of the curve could be more open than others

Possible supra dollar trade could be among next week's deals

◆ Both transactions land below fair value ◆ Appetite for tier two shows ‘market in good shape’

Real estate rehab continues as deals squeeze into narrow windows

Investors lured by a ‘strong and conservative’ bank with a short-end offering

BoQ has two conditional-pass-through euro notes outstanding

‘Green German Day’ saw agency and sovereign both enjoy clear green pricing advantage

One of the largest social housing providers in the UK gets two new lenders on credit facility