Euro

Recent Italy syndication prompts talk of change in how sovereigns manage syndicates

◆ LVMH draws heavy demand despite share price slide ◆ Longer tranche takes bigger bite of interest ◆ Both lines land with slim concessions

◆ Market conditions made going ahead an "easy decision" ◆ Two-year FRN priced flat to fair value ◆ Floaters' secondary liquidity debated

◆ €3.25bn of new issuance comes as Goldman Sachs brings €7bn across four tranches ◆ 'Surprise' as two US names proice on same day ◆ Positive concession might force European banks to pay more next week

Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital

‘Amazing’ reception for long dated syndications but issuers explore different options amid persistant duration risk

◆ T-Mobile sees strongest pull in 12 year tranche ◆ W. P. Carey brings no-grow €1bn dual trancher ◆ Ford raises €1.5bn split across two lines

◆ More than €20bn of orders at peak ◆ Up to 10bp of concession on each tranche, says rival banker ◆ May push European banks to pay more to get deals done

Revival in overseas demand for French SSA paper

Demand from Asia for dollar callables is likely to be disrupted by Lunar New Year next week

◆ AFT's Antoine Deruennes says 'clear message' showed demand for 30 year ◆ Speedy execution before US employment data ◆ Green OAT syndication next

◆ Portuguese utility firm powers up EuGB curve ◆ Sub-benchmark trade's book proves sticky ◆ Deal lands through fair value