Euro

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

Over €12.5bn of orders pledged for rare and tightly priced covered bonds

◆ Deal execution is ‘exemplary of the current market’ ◆ Demand drops by around €2.4bn from peak to landing, yet clears 10bp inside fair value ◆ Issuer reduces cost with bullet and counts SP bonds towards MREL

Both transactions priced flat to fair value or tighter

Debut €500m five year deal spotted up to 7bp through reoffer in the grey market

BoE, ADB, KK and AFD follow peers into dollar mart after week of healthy demand

Sharp spread tightening still possible despite slew of trades lining up

◆ €750m deal is Dutch bank's first in euros since 2020 ◆ Issuer could wait out raising capital and yields to stabilise after Credit Suisse's demise last year ◆ ABN raised a little more capital than its shortfall of around €600m

Swiss bank expected to offer a pick-up over other non-eurozone names

The German state needs to raise 20% more than initially planned

Average premium paid has steadily fallen since the start of the year

Ellevio, Moller-Maersk and Metro latest to court fixed income investors