Currencies

Push for long end debt appears to be dwindling

Rival bankers suggest €1.25bn book size ‘quite modest’

◆ Swiss bank launches sale into hot demand for bank capital ◆ CS AT1 wipe-out drives need to issue ◆ Final demand around $12bn

Dutch agency prints first 'true SSA deal' in Swiss market for some time, but further foreign public issuance unlikely

Luxembourg-based supra leads Tuesday’s deals as EDC and Land NRW also enter market

Investor demand for 10 year covered bonds expected to lead to 'positive outcome' for LBBW deal

◆ ING goes double with €2.5bn deal at belly and long ends of the curve a day after $1.25bn AT1 ◆ BNPP follows with similar strategy with €1.5bn SNP ◆ Both long end tranches land at FV

◆ Swedish lender prints $650m Reg S deal well inside fair value estimates ◆ Jyske prices largest ever AT1 deal ◆ Lower volume of Nordic capital supply and benign market conditions act as tailwinds

Huge leap as investors snap up real estate credit again

Investor appetite for secured bank bonds intensified, as buyers aimed to lock in high rates

◆ Danish bank prints its first capital deal in a major currency since 2021 ◆ IR 'hard work' pays off following money laundering case ◆ Premium paid for performance

◆ Higher rates and dollar push-back no hindrance to bank capital deals ◆ ING prints oversubscribed $1.25bn Reg S AT1 ◆ Danske's first tier two since 2021 pricing close to fair value