Euro

Santander makes case for G-Sib issuance but bankers insist minnows can price unsecured too

Confluence of negative macro factors bounce off purported high demand from investors

Higher new issue concessions expected to continue into early 2024

Issuer included more social projects than green for the first time

◆ BoC prices odd deal that gets little attention in Europe but large support from leads ◆ Deal to finance Chinese steel sector's green transition ◆ SG prepares to price multi-tranche Euroyen on Friday

Dispute over what widening says about beleaguered sector

Agency issuers appeared after the EU cleared a €7bn syndication

Tricky week for corporate borrowing sees surge of issuance before US CPI data

◆ Spanish bank finds 'good window' to pre-fund ◆ Pays just 10bp NIP for 4NC3 and eight year SNP ◆ Longer tranche is more popular

Deal flow to resume for now but unlikely much will follow over the next few weeks

◆ Senior euro funding pushed back in favour of covered bonds ◆ Both issuers and investors show preference for high grade products ◆ BPCE picks the US for a quadruple Yankee as sentiment recovers

Bankers thought new deal as ‘very successful’ though ‘volatility concession’ was needed