Euro

◆ Two banks print €2bn on the back of almost €5.5bn combined demand ◆ Investors keen to pick up yield through subordinated debt ◆ All this, despite tier two paper trading tighter than a year ago

◆ Issuer drives down yield by more than 200bp tighter than where other European national champions printed three months ago ◆ But this means smaller book that raises performance questions

Solid enough deals from car sector but without the blowout response some hoped would show market strength

KfW announces ‘rather unusual’ euro dual trancher after revealing large programme last month

Sovereign cuts issuance by €60bn but market readies for another year of hefty SSA issuance

Dexia sets sights on largest volume in two years as Bpifrance weighs greater presence in niche currencies and PPs

The bank's plan to issue a seven year covered bond sets the stage for likely head to head execution with LBBW

Issuance could include heavier focus on public sterling, Norwegian krone, Australian dollar and Swiss franc markets

The seven year Pfandbrief will offer the longest covered bond for more than four months

SSAs weigh up more pre-funding next year

French, German and Dutch banks are forecasted to print a combined benchmark volume of around €75bn, with 2024 looking like another year of positive net supply

French agency aims to diversify currency mix via benchmarks and PPs, and execute euro taps