Euro

New investor base hungry for periphery and non-standard covered products

Negative concessions and bumper books swapped for getting stuck at IPTs and paying double digit premiums

Germany SSA repricing needed but will Länder have to cheapen, or does KfW have room to tighten — and when?

◆ Raises lower end of €1.25bn-€1.5bn target after feedback ◆ Reintroduces positive new issue premium from major FIG issuer ahead of possible slowdown ◆ Follows Singapore dollar tier two

There is a strong investor bid for non-eurozone names

Metro launches in line with initial price thoughts amid rising concessions

Investors pile into 12 year as excitement continues to drain from ultra-long bonds

Supra has already completed 44% of its borrowing by the end of February

Reverse Yankees tighten during bookbuilding, but deal glut means exuberance is gone

◆ Senior arrives a week after €5bn book for covered deal ◆ Latest orders land at €1.4bn ◆ Rival bankers say smaller book down to smart execution, not saturation

Deal pile up means days of 40bp tightening during bookbuilding could be over for now

◆ Lloyds opts for short-dated euro transaction ◆ Transaction six times subscribed ◆ Sterling issuance eyed amid structural demand