Euro

◆ Friday Italian capital raising completed ahead of potential big issuance next week ◆ Strong market tone drives rise in AT1 bids ◆ Bank marches inside 300bp reset but also through recent Commerzbank spread

◆ Larger-than-usual size ◆ Constructive Friday opening led to three well-received FIG trades ◆ ...of which Alpha may have paid the least NIP

◆ Unusually busy Friday for European bank funding ◆ Small premium, large demand ◆ Meanwhile 10 year OAT-Bund spread breaches 100bp

◆ Market participants await Meta's rumoured euro debut ◆ Carrefour sells first Friday corporate deal since June ◆ Three FIG names hit the market

◆ Books for debut deal more than eight times covered ◆ Euros part of journey towards being a 'larger, more international company' ◆ Investor interest in defence sector grows

Spreads to remain broadly stable, but hinge on upcoming issuance volumes and direction of interest rates

Higher new issue premiums make deals shine amid market volatility

◆ Strong conditions seized to print first AT1 in a year ◆ Comes more than a year ahead of next call ◆ Tight valuation, high yield leads to the bank's lowest outstanding reset spread

Analysts see covered bond issuance slowing to a more sedate pace from October through to the end of 2026

◆ New green bond proves popular, almost eight times covered ◆ Priced to perform ◆ Diverging views on new issue premium

◆ Borrower gets strong reception after waiting out Fed meet ◆ Books sticky with minimal attrition ◆ Some concession needed, but less than on other recent auto deals.

◆ French bank secures 'surprising' demand... ◆... giving the option to go big ahead of national budget ◆ Concessions debated, but higher premium and spreads lure buyers