Euro
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European banks' issuance onslaught takes advantage of improved market conditions from US data and performing recent new deals -
8x covered book shows the ‘sweet spot’ is the covered curve’s short end
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Preparations begin for structural debuts and the first sterling bond of the year
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Huge yield movement during bookbuilding as even 17 banks find IPTs hard to pinpoint
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Multiple less frequent and smaller bank borrowers are gearing to start their annual unsecured funding in euros this week
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Issuers pay a slim premium to print amid heavy competition
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Banks look to get ahead of obstacles on the horizon with almost €25bn of unsecured issuance in first week of 2023
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A range of issuers leave market participants trying to decipher what is possible
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Almost three quarters of the €6.6bn demand was for the green option
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Sovereigns build bumper order books as Portugal dares to go longer than peers
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Under-supplied unsecured products work well after issuance and execution slowed down from too much volume
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Higher yields attracting investors despite uncertainty, said Austria bookrunner
