Euro

Senior issuance remains the preferred funding route for European banks despite impressive covered bond recovery

January volume spike makes no dent in mountain of cash investors are sitting on

◆ Dollar before euro for 2025 ◆ Record book, record size ◆ Savings of at least 2bp-3bp versus euros

◆ First US bank to print in euros this year ◆ Goldman's first issuance in single currency since 2022 ◆ Book nears €10bn

◆ Deal prices near fair value ◆ Minimal attrition in order book ◆ Asset managers assessing AT1s versus senior paper and equity

◆ Danish lender raises €2.25bn of bail-in debt in one go ◆ Offers visible premium to lure investors for its acquisition funding of Spar Nord Bank ◆ Issuance strategy positively deviates from the past

◆ New 30 year printed at tight level ◆ Swap spread tightened? No problem ◆ Real money demand dominates

◆ BPCE attracts €5.3bn, Navarra €3.5bn ◆ Small concessions to fair value and govvies ◆ Longer dated Spanish deal lands inside higher rated French name

Norwegian aluminium company thunders through fair value despite threat of US policy changes

Credit score company overcomes investors' concerns to tighten pricing sharply

The company was divested by its Chinese parent in October 2024

◆ Record book for the German state ◆ Länder-KfW spread now much healthier ◆ Strong bid for German assets at current levels