Euro

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

Issuers including Portugal, CEB and BNG braved a short window to get their first deals of 2024 done

Issuer garners big demand in first deal since MSCI upgraded its ESG credentials

◆ Duo print €3.25bn after recent deals wobble ◆ Wider pricing attracts attention and allows tightening ◆ Weaker credit market affects reoffer levels

A slowdown in supply is expected amid 'trickier' backdrop

◆ Issuer chooses to raise new AT1 capital six months ahead of call and tenders old paper ◆ Tight pricing means smaller book in absence of fast money ◆ AT1s have reached ‘aggressive’ levels but expected to keep attracting investor support

Varying luck for corporate bonds in euros as secondary market wobbles

◆ Market moves wider but German insurer still gathers €2.4bn of orders ◆ Pays higher NIP to print than it would have a day earlier ◆ Starts buy-back of RT1 ahead of September call date

German issuer raised a whopping €9bn while two other SSAs together grabbed €2.5bn

Bankers away from deal voiced concerns over level of orders