Euro

Summer is 'slowly but surely' ending with large issuers putting demand to test

‘A fair outcome’ for both issuer and investors achieved, stable spread to KfW proved invaluable

Capital deals and a tight Nordic senior print point to what lies ahead for issuers

'Everyone is ready for summer to be over' as SSA wave builds for Monday

Bankers expect more currency diversification but the biggest wave of isusance may still be to come

◆ Germany agency jumps ahead of full SSA reopening next week ◆ Bankers impressed by book size, tightening achieved ◆ First-mover advantage, 'not much concession' needed

◆ Swedish lender prices in line with Nordic banks' trading levels ◆ Among some of the tightest five year prints since early 2022 ◆ New funding provides 'timely opportunity to re-engage with investors,' says Swedbank's head of funding

◆ Deal follows same structure as SEB's Monday trade ◆ Market conditions made for 'easy' go/no-go decision ◆ Low new issue premium

Month-long supply drought set to end with more issuers lining up for next week

Bankers expect some supply next week before a proper reopening beginning August 24

Jean-Christophe Ricard, head of funding and markets, says issuer is 'open to opportunities'

◆ Capital trade attracts investors for juicy return in tight market ◆ Slightly longer 11NC6 structure chosen for triple digit spread and 4%-plus yield ◆ Deal cleared at low single digit concession