Euro
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◆ Spanish litmus test for appetite after CS corrosion ◆ Pricing differed, books less so -
Deutsche Pfandbriefbank has successfully grown its deposit base
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Subscription ratio ends strong despite slow start to book building
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UniCredit's Czech and Slovakian entity readies the tried and tested: capped green foray at the belly of the curve
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Issuers add another €2.4bn to huge total for sector after frenetic issuance
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◆ Strong market supports AT1 return ◆ Lower funding, dedicated investors likely behind the infrequent issuer ◆ Will it be a true market reopener?
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◆ Holdco senior issuance is more common in the US ◆ European novelty meant longer lead time ◆ Investors liked it and bought more
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CH Guenther pays a narrower OID as euro market becomes more competitive against the dollar
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With spreads near year's tightest, banks may step up unsecured funding but investors may not be keen on low spread products
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The issuers want to be frequent visitors to the euro market and, more importantly, evolve into SSAs
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ECB and Fed meetings next week could throw sentiment off in final weeks before summer breaks
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Growing team adds former Nomura FIG DCM banker
