Currencies

◆ Deal comes amid pronounced bid for yield ◆ Pricing new deal inside 12% seen as 'good result' ◆ Issuer combines tender of old bond five months ahead of early redemption

Spanish borrower braves market on major data day for investor sentiment

◆ Portuguese lender has authorisation to redeem its only AT1 early ◆ Atypical action suggests no replacement deal ◆ Last week's red-hot AT1 reception suggests strong demand reserved for biggest banks

Demand exceeded €110bn when final terms were set for the dual-trancher

Swiss pharma company navigates a difficult market to pay a negative to zero new issue premium

Big books for Veolia hybrid and Arkema raise hopes of decent volume

Bankers away from the deal put the NIP at 1bp to 2bp

US dollar market helped the province to raise an equivalent of five to six domestic bonds

Transitional structure has had some success in the primary market

◆ The 'powerful technicals' driving success in unsecured issuance ◆ Nykredit takes advantage with 'solid' deal ◆ German issuer the only other benchmark deal being marketed

Next year's target for the Austrian agency will be around €6bn

Issuer defies risk aversion to duration in 'narrow window'