Euro

‘Difficult to argue against this trade’, said one lead

◆ Danish bank raises €800m from two short dated tranches priced through FV ◆ Conducting refi across capital stack as it also prepares covered bond in Swedish kronor ◆ Orix to tap euro and Aussie markets

'Safer' public sector cover pools avoid tricky commercial real estate exposure discussions

Investors offered high grade euro mandates from newcomer Epiroc and Portugal's Ren

United Utilities, Securitas and Klépierre come on usually quiet day

Bankers highlight that the German Pfandbrief market is 'well protected'

Signs of indigestion in the market after record buying from investors

Nothing on horizon to hold market back once earnings blackouts end

German issuer is also monitoring issuing conditions in dollars and smaller markets such as Kangaroo

◆ High oversubscriptions despite tight pricing show investors’ eagerness to buy FIG ◆ RBI prints a day after announcing potential Belarus exit ◆ Mizuho’s long 10 year confirms bid for duration

◆ French bank raises €500m from a 12 year non-call seven tier two social bond ◆ Strong demand for FIG capital pushes final book to €5.6bn ◆ UBS returns to Singapore with fresh AT1

Borrower first to brave the tenor, and sees bulging order books as a result