Euro

◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls

Smaller spread moves during bookbuilding hint at more aggressive opening stances from borrowers

Supply, not demand, will dictate future floating rate issuance

Optimism rebounds after recent new issues were priced through fair value once more — but some parts of the curve could be more open than others

◆ Both transactions land below fair value ◆ Appetite for tier two shows ‘market in good shape’

Real estate rehab continues as deals squeeze into narrow windows

BoQ has two conditional-pass-through euro notes outstanding

‘Green German Day’ saw agency and sovereign both enjoy clear green pricing advantage

Public holidays and high profile events mean borrowers will be crammed into a few issuance days

◆ Short-end yield and pick-up attractive ◆ Duration bid from insurers persists ◆ Investors eye senior non-preferred over tier two amid supply divergence

◆ French bank pulled its €500m capital funding in early January amid crowded market ◆ New deal offers some call premium compared to the earlier bullet note ◆ Clears with up to 5bp-10bp new issue premium

Borrowers at either end of ratings spectrum find success with green paper