Euro

◆ Heavy January supply and higher NIPs will spur pre-funding ◆ Earnings blackouts, rates and geopolitical tensions are curbing issuance ◆ Montepio waits for stability

Spreads tipped to widen as uncertainty reigns

◆ Banco Montepio targets high 9% ◆ Dollars on fire, euros solid ◆ Size slashed by Czech lender

Rare issuer builds chunky demand after shaky start to the week for corporate issuers

Stadtsparkasse München to test demand for five year Pfandbrief

CA Auto Bank draws €1.35bn of orders for a €650m long three year senior bond

Raw numbers are expected to reveal the impact of high borrowing costs

Issuer has funded almost 98% of its annual target with no new benchmark expected for rest of 2023

Deal becomes the most subscribed German covered bond for two months

Sterling and euro corporate bond markets turn hostile on Monday

◆ Improved mood spurs issuers to raise strategic capital ◆ MUFG prepares Japan's first dollar AT1 since Crédit Suisse collapse ◆ Crédit Agricole Assurances to 'optimise' capital with new tier two and buybacks

Marketing on Monday judged a good omen but tougher tests of credit appetite await after Irish holdco deal