Euro

A frenetic week almost made up for dire October, but issuance is drying up

◆ Buoyant mood in unsecured FIG market ◆ Arkéa prices with 5bp NIP and tightest spread among recent 10 year trio, putting off some buyers ◆ BPM reprices own curve

◆ Spanish bank acts quickly to raise €1bn at slim concession ◆ More long end issuance possible ◆ Three more banks supply further €1.5bn

Second Reverse Yankee this week as IG corporate rally shows no sign of abating

Corporate market remains wide open despite end of year looming

◆ French insurers offer the two most desired elements in FIG ◆ Deal prices with 10bp NIP and large oversubscription ◆ More subordinated issuance may follow as market is very strong

German state intends to issue two or three deals before the summer

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