Euro

The main consideration for eurozone banks at the start of 2023 was to garner what remained of the ECB bid for covered bonds but by the end of the year they had negotiated not one but two crises. Sarah Ainsworth reports on how, despite all the volatility, they navigated another strong year for issuance

Observers could have been forgiven for thinking the additional tier one market might be as defunct as Credit Suisse, the bank whose demise mired it in controversy. By the autumn AT1s had come roaring back but, as Sarah Aisnworth reports, this was not 2023’s only wild ride in the FIG primary market

Issuer sets €160bn maximum for 2024 and pushes on in EGB quest

Big demand expected but companies still wary on debt plans

Despite prevailing bleak sentiment from expensive Pfandbrief issuers, the market is bracing for the reopening of the long end of the market

◆ Interest rate expectations power demand for higher yielding bonds, duration in covereds ◆ Synthetic indices tighten to fresh 12-month low ◆ Market in rude health for January issuance

Hundreds of billions due for refinancing but expected lack of new opportunities makes this less daunting

French agency to front-load issuance next year as conditions remain ‘hard to predict’

Issuer to bring six syndicated benchmarks across euros, dollars and sterling in 2024

Rally in corporate credit shows no sign of abating as central banks meet

◆ ECB repayments to influence banks’ covered and SP issuance ◆ But TLTRO repayments less important than this year ◆ Large pre-funding could mean lighter January supply

Bank analysts agree that Bund ASWs will tighten in 2024