Euro

Marks continuation of bumper new issues from European sovereigns

◆ Strong backdrop means Greek banks issuing no longer 'top of the market' ◆ Oversubscribed deal results in one of the lowest reset spreads on Greek tier two, no NIP ◆ CA Auto Bank issues €900m two year FRN

Despite an unexpected and violent widening of spreads on the second trading day of 2024, the unsecured FIG market has moved from strength to strength so far in January

New covered deals clear with 3bp-5bp NIP despite softer tone, paving the way for less frequent and periphery borrowers to advance their funding

Croatia's Erste & Steiermärkische Bank next up for CEE FIG as it prepares to add green label to its second senior euro foray

Another Nordic issuer also appeared in euros for the first time in 2024

Issuers see good demand in euro and sterling as outlook turns gloomy

The election result may not have hurt Western markets, but political risk bulks huge this year

From top rated credits to subordinated debt, Nestlé, Enel and EnBW found success on Tuesday

◆ French bank goes beyond recent 10 year senior, covered deals ◆ UniCredit pushes pricing in SNP with 5bp NIP ◆ Market open for all as infrequent borrowers also lure big orders

◆ French bank's 'stellar' long end outing attracts orders and accolades ◆ Even unusually long senior deals fare well as active funds buy credit ◆ Monday's deal outcomes highlight open access for less frequent issuers

Enagas and Iren tighten hard, as fears over Taiwan election fail to materialise