Euro
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◆ KEB Hana readies first non-European euro covered since October ◆ BSH to tap Pfandbrief demand ◆ Crédit Agricole plots public sector deal -
January issuance from CEE FIG borrowers got off to a good start
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◆ Issuer well funded already ◆ Tightens 3bp, no fair value consensus among banks ◆ Demand covers size over three times
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◆ Relative value versus covered bonds reduces senior paper's appeal ◆ RBC prices flat to USD curve ◆ Spread differential to other CAD issuers
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Mandates flood in for dollar and euro deals as EU prepares to offer dual-tranche deal
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Portuguese utility's books bulge and its spread zapped in
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◆ Rival bankers disagree on fair value ◆ Technicals favour senior-non preferred ◆ LBBW mandates euro SNP deal
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◆ German Land's issue sets new record ◆ Yield, spreads both attracted ◆ Both real and fast money keen to get paper
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◆ Pair attract €9bn of combined final demand ◆ Little to no premiums needed ◆ Deals already tighter in secondary
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Positive US non-farm payroll data could lead to major central banks' rates policies diverging further
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Two more syndications to come and market is strong, but issuer is aware that 'uncertainty is still there'
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◆ First deal since HSBC France takeover ◆ Rarity means wide range of fair value ideas ◆ Issuer eyes most popular point of the curve
