Euro
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Issuers pay a slim premium to print amid heavy competition -
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
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Low IG rating no barrier to borrower on second day of full market issuance
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Twenty year tranche draws the most orders
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With investors expected to absorb more than €4.5bn of supply on Wednesday, issuance in the first week of January will top €15bn
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KfW and BNG were out with euro issuance, while EIB opened books on a dollar bond and others added to sterling supply
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Spanish lender, which chose not to call an AT1 last year, lured strong investor demand
