Euro

OATs held up as market did not see the one-notch downgrade as 'shock' or 'big surprise'

◆ FIG pipeline fills with subordinated euro deals ahead of Thursday's ECB meeting ◆ Rebranded My Money Group lines up sub-benchmark AT1 ◆ Alpha Bank and Athora prepare tier twos and tenders

◆ 12 year deal to be Achmea's longest since 2021 ◆ Rabobank's recent 12 year provides closest comparable

◆ Singaporean bank has not issued since 2018 ◆ Deal to price close to recent Singaporean three year supply

◆ Pricing above 8% confused rival bankers who put fair value in high 7% ◆ Large size deemed motivator for the trade ◆ Likely refi of $2.75bn in AT1 calls later this year

◆ Five year trade among the tightest this year ◆ Small single digit premium needed to seal the deal ◆ Investors came in after pricing despite the tight spread

Subdued SSA dollar market is also getting a boost

◆ Danish bank dodges rates volatility and price sensitivity to print with large book ◆ London-based accounts show big interest ◆ Funding ahead to take advantage of favourable market

Deal pipeline quietly building in undersupplied market

Neddies has funded €6bn so far this year and might reappear in dollar market

French agency hopes to be a regular in sterling market

◆ ECB rate cut seen as all but certain next week but rates outlook to drive sentiment in primary market ◆ Investors may turn more selective ◆ Profit taking tipped after spread tightening