Euro

Transition bonds continue to gain a foothold in ESG markets

◆ Pronounced bid for duration results in largest book for an unsecured euro deal this year ◆ French bank makes most of being 'a unique beast with unique timing' ◆ Italian bank goes even longer in Yankee market

Spread for €1bn five-year tightens 4bp while new issue concession lands at 6bp

Newly upgraded issuer follows up dollar outing with euro trade as issuers cram into market

◆ French insurer Coface prepares 10 year tier two bullet after Banco BPM restarts AT1s in euros ◆ Strong uptake for lower tier issuers' credits as they offer higher yield ◆ More investors now looking at subordinated debt

◆ First euro AT1 for more than two months as Santander, other G-Sibs went for cheaper dollars ◆ Non-national champion status makes it 'not straightforward' execution ◆ Ongoing strong bid for yield

Issuance opportunities abound across capital stack but borrowers said to be happy to wait for deeper liquidity

Public sector issuers prepare to navigate chance of greater EU issuance volume next year

First major round of sustainability tests dispels myth of easy KPIs

Sub-benchmark covered bond cannot be tightened as attractive window closes

Saint-Gobain, Kering and EnBW join buzzing corporate debt market

◆ Nordea's deal shows greemium is alive in the FIG market ◆ Pricing was flat to fair value thanks to robust demand ◆ Bawag uses tender to reallocate old investors into new €400m tier two refinancing