Currencies

◆ Nationwide to grow asset size by a quarter ◆ Affords to pay 38% premium thanks to top ranking CET1 ratio in Europe ◆ Strong rally of Virgin Money bonds suggest acquisition likely to proceed

Although demand could support a 15 year deal, issuers are reluctant to lock in higher spreads

◆ French bank adds Swissies to Singapore dollars and euros in ‘relentless’ issuance spree ◆ Funding boss Perrier discusses diversification aims ◆ Private trades across markets identified

French bank aims for size over price, but lands in line with euro funding sources

◆ Iceland’s Landsbankinn finds 'insane demand' ◆ Danish Arbejdernes Landsbank ‘slow’ progress blamed on unfamiliar name ◆ Fast money shows price sensitivity to SR-Bank trade

The long zone is wide open, but access is limited to names with strong followings

Sub-sovereign continues to chip away at its €9.6bn annual programme

Pent-up demand for first sterling covered deal in three months fuelled the tight outcome

Plastic Omnium and a Telefónica hybrid get healthy oversubscriptions

Settlement moved to March 8 after S&P reduced the firm's outlook to negative

◆ ‘Rare beast’ of a spread drives demand ◆ Deal increased as order book swelled ◆ Cross-currency basis has kept issuance at bay

◆ Dutch insurer refinances legacy tier one at negative NIP ◆ More insurance deals expected across capital structure ◆ Smaller European bank tier twos prove strength of FIG market