Euro
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◆ Inaugural deal starts 40bp-50bp back of fair value ◆ BFCM's social sale proves popular as investors pledge €2.9bn -
From top end high yield to A- rated debutants, investors had a plethora of choice
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Swedish borrower builds curve to fund acquisition
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◆ Competing supply weighs on demand for Ifis deal ◆ Illiquid curve makes deriving a premium tricky ◆ Mediobanca adds to Italian labelled supply
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◆ Smaller European banks 'take advantage' of absent national champions in euros ◆ Bankinter, Santander Consumer Bank land deals with up to 10bp NIP ◆ Austria's RBI prepares debut SNP
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The turning macro cycle means smaller bank issuers can afford to take their time and steer clear of the seemingly piping hot but unpredictable bond market
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Both issuers managed to summon large demand for their euro trades
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Concessions remain constrained, but oversubscriptions are unspectacular
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Landesbank Berlin's Pfandbrief was not received as well
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◆ Belfius attracts attention with its joint largest senior deal at 10bp NIP ◆ Now lower tier banks 'don't have to be a hero' to issue ◆ Cajamar debuts in green
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Issuer brings multicurrency deal that found ample demand in the long end of the sterling curve
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Issuers pay higher concessions as frequency of deals gives investors upper hand
