Euro

Agency issuers appeared after the EU cleared a €7bn syndication

Tricky week for corporate borrowing sees surge of issuance before US CPI data

◆ Spanish bank finds 'good window' to pre-fund ◆ Pays just 10bp NIP for 4NC3 and eight year SNP ◆ Longer tranche is more popular

Deal flow to resume for now but unlikely much will follow over the next few weeks

◆ Senior euro funding pushed back in favour of covered bonds ◆ Both issuers and investors show preference for high grade products ◆ BPCE picks the US for a quadruple Yankee as sentiment recovers

Bankers thought new deal as ‘very successful’ though ‘volatility concession’ was needed

Investors may prefer to buy covered bonds amid escalating geopolitical tensions but rates volatility is against them

Car park operator the only mandate out as issuers hold off

◆ Israel attack adds to reasons for FIG issuers to pause ◆ Euro issuance expected later in the week ◆ Chance for lower tier borrowers

New week, new challenge as war in the Middle East adds to uncertainty

Senior issuance to come to the fore as higher rates deter covered bonds and subordinated funding

The more spread the better amid violent market moves that mean opportunists will prosper