Euro

Lower issuance volumes for the rest of the year will help spreads and strategic planning

Issuers at either end of rating spectrum made to pay double digit premiums

◆ Inaugural public yen bond follows euro FRN and Yankee deals ◆ Yen funding comes close to dollar levels ◆ Gives TD longer funding than what it raised in dollars

◆ Outcome supported by earnings and market sentiment ◆DNB completes half of its SNP funding need with single digit NIP ◆ Beneficial timing

◆ TD unearths demand for popular FRN ◆ Canadian banks the largest floating rate funders in euros this year ◆ FRN volumes hit five year high

Issuer strikes lonely figure in Europe's high grade corporate bond market

While it might not be popular with investors, longer dated paper is what covered bond funders need

◆ Spanish lender captures strong demand despite last week's rates volatility ◆ Investors get opportunity to 'jump' into rare long end tranche ◆ Despite big demand other issuers are 'very cautious'

Already bruised sectors can expect more spread widening

Long-dated bonds to be tapped and issued, Greece mounts tender offer

◆ Investors ready to engage, but supply not forthcoming ◆ Clock ticking on pre-Bastille Day window ◆ Opportunities still available in dollars

◆ German bank to tap popular three year point ◆ 'Juicy' start expected ◆ No further supply expected to follow