Euro

◆ Investors fly to bank's deeply subordinated execution that 'ticked all the boxes' ◆ Allianz to pick up sub debt baton with dollar tier two

Reluctance to show hands has led to smaller books and higher concessions

Deluge of deals coming, but demand could quickly become exhausted

Fears of contagion from Chinese defaults yet to shake sentiment

Borrower lands short maturity deal with single digit concession

Pricing tension rising at the edges of the market as money lured into public debt

Deals from three to 10 years sail through this week as market returns

◆ The two banks restart senior issuance from national champions ◆ Intesa takes double the funding in eight year tranche than in four year one ◆ Mizuho’s seven year gets ‘extra boost’ from green label

Higher rates amplify asset class' attractiveness as summer break comes to an end

◆ Issuer achieves the largest euro subordinated FIG trade in three months ◆ Deal praised for quality but investors show price sensitivity ◆ Views on NIP deviate from 5bp to 25bp

EIB, KfW and BNG lead peers as expected, alongside DBJ which announced last week

First euro trade of the month sees 2.5 times demand