Currencies

◆ Duo print €3.25bn after recent deals wobble ◆ Wider pricing attracts attention and allows tightening ◆ Weaker credit market affects reoffer levels

◆ BPCE brings first senior sterling FIG deal of 2024 ◆ UK investors lap up relative value versus euros ◆ Debate over premium paid and whether market is ripe for more issuance

A slowdown in supply is expected amid 'trickier' backdrop

◆ Issuer chooses to raise new AT1 capital six months ahead of call and tenders old paper ◆ Tight pricing means smaller book in absence of fast money ◆ AT1s have reached ‘aggressive’ levels but expected to keep attracting investor support

Volatile market proves little obstacle for long maturity funding

Varying luck for corporate bonds in euros as secondary market wobbles

◆ Market moves wider but German insurer still gathers €2.4bn of orders ◆ Pays higher NIP to print than it would have a day earlier ◆ Starts buy-back of RT1 ahead of September call date

German issuer raised a whopping €9bn while two other SSAs together grabbed €2.5bn

Funding agreement backed bonds eye seasonal revival

The two deals are priced off different benchmarks

Bankers away from deal voiced concerns over level of orders

◆ Two banks print €2bn on the back of almost €5.5bn combined demand ◆ Investors keen to pick up yield through subordinated debt ◆ All this, despite tier two paper trading tighter than a year ago