Euro

US companies slash spreads as good mood in euros persists

International accounts swell orders up to €2.5bn as spread lands below 70bp

Primary activity is set to ease into next week as Lunar New Year holidays take place

Push for long end debt appears to be dwindling

Rival bankers suggest €1.25bn book size ‘quite modest’

Investor demand for 10 year covered bonds expected to lead to 'positive outcome' for LBBW deal

◆ ING goes double with €2.5bn deal at belly and long ends of the curve a day after $1.25bn AT1 ◆ BNPP follows with similar strategy with €1.5bn SNP ◆ Both long end tranches land at FV

◆ Swedish lender prints $650m Reg S deal well inside fair value estimates ◆ Jyske prices largest ever AT1 deal ◆ Lower volume of Nordic capital supply and benign market conditions act as tailwinds

Huge leap as investors snap up real estate credit again

Investor appetite for secured bank bonds intensified, as buyers aimed to lock in high rates

◆ Danish bank prints its first capital deal in a major currency since 2021 ◆ IR 'hard work' pays off following money laundering case ◆ Premium paid for performance

◆ Higher rates and dollar push-back no hindrance to bank capital deals ◆ ING prints oversubscribed $1.25bn Reg S AT1 ◆ Danske's first tier two since 2021 pricing close to fair value