Euro
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Moody's unexpectedly downgrades French credit as sovereign creeps towards single-A -
◆ Subordinated debt offering unhindered by French sovereign downgrade ◆ Issuer took a strategic approach to 'allow for secondary performance' ◆ Fair value debated
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Finnish company grows banking group from one to six
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Covered's tight spread to senior unsecured is a bigger problem for supply than France's politics
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Bankers expect sustainability-linked borrowing to continue, but become more rigorous
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In contrast to Europe, heavy retail presence prompts Australian regulator to rejig local banks' capital stacks
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Bloc set to lean on auctions to help achieve next year's borrowing task
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Higher issuance and redemption volumes expected to put pressure on covered bonds next year
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ArcelorMittal’s €1bn trade latest in line of cyclical companies garnering huge demand
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Subordinated debt needed to support growth of public sector lender
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◆ Late emergence of a new FIG issue surprises some ◆ RT1 comparables debated ◆ French sovereign exposure 'more limited' than peers
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The decompression trade between high grade and high yield credit is far from guaranteed to pay off
