Euro

◆ UK lender raises $4.5bn-equivalent in five senior holding company tranches this week ◆ Both deals target long dated funding ◆ Despite secondary widening, euro offering lands with hardly any premium

◆ Insurance companies anchor long dated green tranche with near-4% yield ◆ Curve extension debated ◆ Deal comes amid widening secondary spreads but lands with negligible premium

◆ 52bp reoffer equals Nordea’s multi-year record ◆ ‘Insane’ levels show FIG spread compression, rival banker said ◆ Buy-and-hold investors prioritised

Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit

Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead

After the frenzy of the primary market in January, there is still optimism that SSAs can draw big demand

◆ Deal is the tightest ever Greek AT1 ◆ Book peaked more than €5.5bn ◆ Market 'just ridiculous', says lead manager

◆ Second ever bond for the issuer ◆ Deal marketed to both SSA and credit investors ◆ Offers potential for tightening on the back of southern European convergence trade

Eight banks provided loan facility to company

◆ Issuer's first benchmark after after active start of year in PPs ◆ Deal attracts big book despite large tightening ◆ Only KfW priced with lower spread to USTs this year

International interest for German paper has grown

ESM priced new €2.5bn 10 year at flat to EIB