Euro

◆ Austrian bank returns to senior market with a green bond for first time since January 2023 ◆ Since then it has issued a covered bond and two types of capital ◆ New deal is longer and tighter than last year's funding

Banks are looking at next five weeks to raise anything from deeply subordinated capital to senior debt

Increased volumes and a widening trend are forcing public sector issuers out of euros

Some see order book attrition as a red flag but others argue it's healthy

Borrowers should show more discipline if they don’t want to risk undermining all the investor work they have done

◆ Issuer appears for first deal since 2022 ◆ Tight pricing against Austria ◆ Healthy demand helps Asfinag take home target size

◆ Insurance companies continue to pump tier two capital this week ◆ Banks opt for the most subordinated debt funding in dollars ◆ Small Smaller French insurer receives 8.8 subscription ratio despite French assets widening

French real estate developer is on BBB- with a negative outlook

◆ Orders increased after some investors waited to see final spread ◆ Fair value 'difficult to determine' amid widening backdrop ◆ NIPs have risen

◆ Five year tenor works for investors ◆ Fair value not what it seems ◆ IfDM and Asifnag also price

◆ Swiss Life resuscitates euro capital issuance ◆ Rarity, company size help drive price through fair value ◆ Sogécap avoids French concerns

◆ First euro print for the sovereign since 2022 ◆ Focus on price over size ◆ Euro all-in cost proves attractive