Euro

◆ Spanish issuer funds with no new issue premium, if not breaching through fair value ◆ Market shows approval of the lone senior FIG print ◆ 'No major impact' spotted from BBVA's takeover expectations

Recent Länder deals shed light on where covered bonds might clear

SLL market grows but top 10 banks see volumes decrease, as some say borrowers are turning their backs on structure

◆ Austrian bank completes strategic capital refi ◆ Investor response show 'no consensus' on pricing for 'very esoteric name' ◆ New deal has lower funding cost than March's pulled attempt ◆ Other debut issuers show deeply subordinated capital remains desirable

Bigger book for senior tranche of debut, but borrower manages to increase size of deal

Twenty year tranche well received, but triple trancher's shortest end tightens the most

Snam, Worldline and Gelf ready deals as European IG corporate market surprises with busy activity

M&A refinancing wins more than €11bn of orders and tightens by 50bp

Hot market conditions encourage pre-funding, amplifying borrower dilemma ahead of busy January

Fresh supply sets 'encouraging' tone for January — but issuers should expect to still pay up

Big order books and political changes to come raise chance of opportunistic issuance continuing deep into end of year

◆ Supra returns after two-year hiatus ◆ Deal reopens SSA benchmark issuance, paused since late October ◆ Relative value in focus after end of ECB buying, recent swap moves