Euro
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◆ AT1 refi more than twice subscribed despite tough backdrop ◆ 25bp-37.5bp of premium needed -
Debut borrower finds ample demand as it spins off from Telekom Austria
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Issuance from German states has increased 70% year-on-year
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Spirits company heads to Belgium and Luxembourg's retail bond market
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◆ Abanca surprises some with early AT1 refi via tender ◆ Piraeus looks to ride warm reception for Greek assets ◆ Different investors expected to support both deals
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First whole business securitisation since the Thames Water debacle began
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Strong issuers get better than expected traction, sparking opportunistic deals
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Investors pile into the long end of building materials company’s trade
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Electricity company prioritises price but still raises €850m
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◆ Issuer committed to cancelling as much old capital as possible ◆ Buying back above par ◆ All buying-back thanks to new AT1 providing capital optimisation
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Compatriots' recent deals helped provide clarity on pricing
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◆ Deal expected to come wider than peers ◆ Wider spread likely to mitigate investors asking for shorter maturities ◆ Will be issuer's second covered bond ever
