Euro
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The supranationals will set the tone for a month crowded with issuance -
Telecoms company prices through conventional curve as interest in SLBs picks up
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◆ BPER Banca and Unicaja pull in strong demand for SNP deals ◆ Investors bidding for higher spread products ◆ Encouraging for more senior issuance from lower tier borrowers
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Issuers flatten curves amid sharp U-turn in sentiment in favour of duration
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Wild rush of trades was never going to last
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◆ Spanish bank becomes first big European lender to skip an AT1 call this year ◆ Muted market reaction for other issuers so far ◆ Intesa Sanpaolo prints €1.25bn AT1 with €5bn peak book
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Concessions in the teens and big book showed investors were unworried about falling demand for expensive goods
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Stability is more important than dazzling book sizes, say bankers, as issuance ploughs on
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◆ Quartet prints €2.75bn of senior non-preferred debt ◆ Investors show clear preference for higher yielding paper ◆ Deal with lowest spread pays highest premium
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Two hybrid trades this week have got away with zero concessions
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◆ Only 8bp needed to seal Nordea's novel non-pref ◆ Debut deal not an ESG or KPI-linked bond
