Currencies

European primary market activity has thrived this year with the central bank gone from the market

New investor base hungry for periphery and non-standard covered products

Negative concessions and bumper books swapped for getting stuck at IPTs and paying double digit premiums

◆ Eight foreign banks raise more than $18bn in three days as BMO adds another $1bn to multiple perps ◆ M&A funding also boosts February FIG volume to over $50bn ◆ Slow down felt by Thursday as spreads widen

Germany SSA repricing needed but will Länder have to cheapen, or does KfW have room to tighten — and when?

Bankers hopeful more supply will follow, but no pipeline forthcoming

Bond was sized to ensure secondary performance, and it indeed it has performed

◆ Raises lower end of €1.25bn-€1.5bn target after feedback ◆ Reintroduces positive new issue premium from major FIG issuer ahead of possible slowdown ◆ Follows Singapore dollar tier two

Danish agency scored largest ever book and at a tight spread to US Treasuries

There is a strong investor bid for non-eurozone names

Metro launches in line with initial price thoughts amid rising concessions

Investors pile into 12 year as excitement continues to drain from ultra-long bonds