Euro
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Portuguese bank will not call €300m subordinated bond and instead will try to swap it for a new deal of at least €125m -
Publisher picks senior debt over hybrid now it will not have to fund M&A
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KBN re-establishes access to euros while SEK and NIB print in a tough dollar market
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Investors still appear keen to add risk as year end approaches
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Robust demand for unsecured paper in euros has allowed large as well as less frequent issuers to complete well-subscribed senior deals with strongest demand manifesting at the long end
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Issuers are keeping SSA deal flow going as year-end approaches
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Crédit Agricole and BPCE have pushed out €2.75bn of 10 year and longer senior paper as Crédit Mutuel Arkéa prepares €500m 10 year deal
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Higher reset spread and lack of competing issuance helps Norwegian bank to pay a new issue premium of just 10bp
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Spreads in the asset class are expected to drift wider well into next year
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All eyes are fixed on November early repayment data for clues about bond volumes
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Market boost drove a diverse set of bonds from smaller banks as international investors looked for higher yielding debt
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Big books and tight prints suggest a turning point that could tempt issuers to bring forward deals into this year
