Euro

Mercedes, Michelin and Aéroports de Paris draw in billions of demand

◆ Lloyds draws peak book of €5.1bn ◆ BayernLB launches green deal and pays 5-10bp premium ◆ SR-Bank senior preferred

The €500m no-grow deal was almost 15 times covered

Coca-Cola, WP Carey and Kellanova land rapturous responses in a mostly shut week

Tapping euros allows Spabol to pick up duration unavailable in its home market

◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls

Smaller spread moves during bookbuilding hint at more aggressive opening stances from borrowers

Supply, not demand, will dictate future floating rate issuance

Optimism rebounds after recent new issues were priced through fair value once more — but some parts of the curve could be more open than others

◆ Both transactions land below fair value ◆ Appetite for tier two shows ‘market in good shape’

Real estate rehab continues as deals squeeze into narrow windows

BoQ has two conditional-pass-through euro notes outstanding