Euro
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◆ Oversubscription did not materialise ◆ Rivals see pricing as too tight ◆ Helaba takes extremely rare Swiss route instead -
Covered bonds trade softer but spreads stable
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Issuance tipped to slow down significantly from now until late August
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◆ Illiquid Portuguese bank struggles and cuts deal ◆ Bank of Ireland lures investors with frequent issuer status ◆ Senior market 'receptive' but starting to slow down
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Size and spread of the bank’s latest transaction should ensure a fair performance
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Supranational will borrow less than most market players had predicted
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New hire tasked with building out Japanese firm's FIG DCM business in EMEA
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Borrowing levels tipped to increase towards the back end of the year
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◆ Santander Consumer Bank seals 35bp move ◆ 10bp-20bp concessions needed for senior prints ◆ Pipeline slows as issuers enter 'monitoring mode'
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Demand for borrower's second ever outing is lower as it becomes a frequent face in market
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◆ Intesa takes €1.25bn with first covered bond since 2019 ◆ 12bp of concession left on the table ◆ Portugal’s Banco BPI to follow with its own covered return
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◆ Landesbank preps first public senior deal since 2016 ◆ Need to fund growing bank fuels senior return ◆ Upcoming deal expected to offer pick-up to Landesbank peers
