Euro
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◆ Spanish bank becomes first big European lender to skip an AT1 call this year ◆ Muted market reaction for other issuers so far ◆ Intesa Sanpaolo prints €1.25bn AT1 with €5bn peak book -
Concessions in the teens and big book showed investors were unworried about falling demand for expensive goods
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Stability is more important than dazzling book sizes, say bankers, as issuance ploughs on
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◆ Quartet prints €2.75bn of senior non-preferred debt ◆ Investors show clear preference for higher yielding paper ◆ Deal with lowest spread pays highest premium
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Two hybrid trades this week have got away with zero concessions
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◆ Only 8bp needed to seal Nordea's novel non-pref ◆ Debut deal not an ESG or KPI-linked bond
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Priced tranches hit double digits as issuers pile in
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Dollar strength shines through with euro deals lacklustre
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◆ Investors prefer senior preferred paper ◆ Rich non-preferred still a good option for issuers despite lower demand
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Jumbo M&A related financing is one of the biggest trades of 2023
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Mandates line up with BBB- rated issuers pouring into market
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◆ World’s oldest bank scoops €500m with latest deal ◆ Only 25bp of concession needed to seal senior sale ◆ Bank faces second half MREL shortfall
