Euro

French bank can afford to be opportunistic thanks to its well-advanced funding plan, as it will not immediately rush to revisit the subordinated debt market after its pulled tier two deal, its head of capital markets tells GlobalCapital

Popular fallen angel proves depth of bid for lower ratings

French, German and Canadian issuers printed their first euro bonds of the year

◆ Pricing comes tighter than where LBBW and Helaba last issued similar SNP floaters ◆ Deal will enhance BayernLB's credit rating

KommuneKredit, CDC and MuniFin keep euro and dollar investors busy

◆ Strong market conditions allow banks to fund through fair value ◆ Ibercaja achieves pricing with 15bp negative NIP as its deals ends up almost 10 times subscribed ◆ New York life increases size of seven year FA-backed trade

◆ Danish bank issues €500m in its largest euro tier two, raising €200m new capital ◆ Eye-catching spread of 250bp results in oversubscription ◆ Starts tender for old €300m tier two ahead of call

Supra’s first syndication of 2024 was bigger and priced tighter than expected

Roaring conditions tipped to remain until February as only intraday deals possible for now

◆ Duration and spread demand dictate investor demand even at tighter valuations ◆ Rabo exemplifies this trend into a €1bn 10.5 year SNP that was more than six times subscribed ◆ NBG and CIBC also print with arguably no concessions left

Longest senior IG corporate bond of year so far 10 times subscribed

The $2.5bn deal has given issuer more time to think about its next trade