Euro

Sovereign issuer passed ‘real test for investors appetite’ after returning to IG ratings status

◆ Investors look to pick up spread through subordination rather than stay safe in senior ◆ Credit Mutuel's insurance arm brings deal ◆ But price on Crelan's 10 times covered tier two causes consternation

◆ Attrition in order books ◆ Investors question valuations amid concerns about new issues underperforming ◆ Pipeline is ‘busy-ish’ and market ‘pretty constructive’

◆ First euro AT1 in almost two months ◆ Demand is strong but premium required ◆ Changed balance between investors and dealers

Clamour for 20 year deals still loud, despite uncertainty about speed of rate cuts

The long eight year tenor appealed to all sorts of investors, who pledged almost €2.6bn of orders

Issuers have been spoilt and must now adapt

Strong duration bid saw larger-than-usual tightening and skinny concession for long-dated tap

Borrower lights the way for bulging books and negative concessions

◆ GACM 'a good name' and should garner orders ◆ Crelan had delayed debut last week ◆ Investors may turn to tier two for spread, though some bankers less constructive

Reverse Yankee issuers find far calmer market than a week ago

Mitsubishi HC brings FIG floating fun to corporate market