Currencies

◆ Spanish bank raises €750m new capital ahead of calls in the middle of Sabadell takeover bid ◆ Tight price leads to more than €2.2bn of orders dropping ◆ Greece’s Alpha bank prints first tier two in more than three years

◆ French firm has issued €5.25bn of mortgager paper this year ◆ Little difference between mortgage-backed and public sector deals

US medtech firm sourced more than half of $4.2bn debt needed in the €1.8bn trade

◆ UK insurer prints inaugural dollar tier two a day after main sterling leg ◆ Achieves currency and investor diversification while meeting £750m funding target ◆ Revival in sterling FIG across capital structure

◆ Issuer’s first deal since 2018 almost three times covered ◆ Up to 1bp of concession needed to seal market return ◆ OCBC priced inside Standard Chartered's debut

Demand was nearly £4bn for the sovereign wealth fund's first ever debut in a new currency

Domestic investors dominate despite European interest but Asia buyers take less than in previous deals

◆ Slim premium paid on chunky sale ◆ Investors welcome Canada pick-up to UK names ◆ Canadians missing from covered bonds

◆ Low beta issuers 'more challenging to sell' ◆ Investors turn cautious on FRNs ◆ New issue premiums 'will come back'

OATs held up as market did not see the one-notch downgrade as 'shock' or 'big surprise'

◆ FIG pipeline fills with subordinated euro deals ahead of Thursday's ECB meeting ◆ Rebranded My Money Group lines up sub-benchmark AT1 ◆ Alpha Bank and Athora prepare tier twos and tenders

◆ 12 year deal to be Achmea's longest since 2021 ◆ Rabobank's recent 12 year provides closest comparable