Euro
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◆ Investors eager to buy capital from big and smaller banks ◆ Bankinter places largest AT1 at reset under 400bp ◆ Much smaller Optima bank from Greece also debuts -
◆ Deal is Achmea's second in five weeks ◆ Investors eager to pick up no-grow deal ◆ Small premium left for performance
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◆ Trade is Polish bank's first in euros for three years ◆ Proceeds to fund upcoming maturity ◆ Periphery and non-eurozone deals used for pricing
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◆ Hyundai’s US arm drums up blowout response in euros ◆ Telefónica rings in solid trade ◆ SEB proves unrated spreads can be modest
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◆ Speculative interest anticipated ◆ Geopolitical tensions make little dent ◆ 15 year sweet spot for Dutch pension funds
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White House mis-steps have raised hopes the euro can supplant the dollar
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◆ Italian bank prints €1bn in first tier two since January 2024 ◆ Demand for higher yielding deals outweighs Middle East escalation ◆ Other new financial issuers of capital line up deals
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◆ Deal attracts strong real money demand ◆ Minimal drops as accounts stick with price move ◆ Low single digit premium needed
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◆ Hybrids fight for attention alongside SLBs and green bonds ◆ Books remain well subscribed ◆ But pressure is building for market sentiment to sharply turn
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Black Sea Trade and Development Bank treasurer explains why now was the right time to return to raising debt
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◆ Scarcity value draws buyers ◆ Nordic investors lured by big pickup against krona ◆ Bankers debate euro or dollar for next international bond
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Borrower monitoring market windows ahead of novel European sovereign sustainability-linked bond
