Euro

Axa and BPER prepare to issue tier one, Piraeus seeks tier two

At least one issuer is eyeing 10 years and more Austrian banks are expected

Issuers take in small concessions and big books, as bankers ask after long maturity trades

Supply rush set to continue as seven issuers, including sovereigns, ready trades

◆ Market reaches new equilibrium after swift spread widening last week ◆ Issuers pay 5bp-15bp of NIP on the day ◆ Long end especially popular as 10 year deals account for half of senior volume

Books bulge for Eni and Schaeffler as investors pile in

BPCE, Mediobanca and BayernLB all delivered on mandates revealed last week

Mediobanca, BayernLB, BPCE reserve primary market spots as others are expected to bring a deluge of issuance next week

Projects for the rest of the year include a five year dollar deal

Issuer has already funded about 12% of its annual target in just three days

Spreads gap out too fast after the credit rally of a lifetime ends, pushing price-sensitive issuers to reconsider their market entrance

‘Very, very strong’ first week sets up bigger test ahead