Euro

◆ Strong market for subordinated bank debt in euros and dollars ◆ Investors buy ‘undersupplied’ UniCredit AT1 at multi-year low yield in the asset class ◆ Barclays, SMFG and ENBD target dollar AT1 buyers

◆ Macquarie five year follows in CBA's tailwind ◆ Pair pay minimal premiums ◆ Macquarie's first covered bond since 2022

◆ German Länder used to guide pricing ◆ Book holds firm as deal lands tight ◆ Wave of 15 year supply unlikely, but 10 years a possibility

◆ Curve repriced significantly since January ◆ Bond prices tight after spread moves 2bp ◆ Lower Saxony borrows with nine year

◆ French bank goes longer in quick succession after sterling foray ◆ Issuance timing and reception applauded by rival bankers ◆ Orders seen glued by positive premium

◆ Supra manages 3bp of spread tightening ◆ EGBs sold off across the board ◆ Concerns grow on Europe’s defence spending headache

◆ Issuer hits a market embracing every type of FIG deal ◆ Big order attrition but no concession paid ◆ CCF prepares to optimise tier two capital well ahead of call

Speculation around defence spending deters buyers, according to bankers

◆ Deal lands flat to recent Pfandbriefe ◆ No concession needed ◆ Tight domestic spreads drive Nordic investors towards euro prints

Deal set to be the longest euro covered bond since May last year

Company outlook moved to negative though it remains investment grade

Deal lands close to fair value but orderbook attrition remains high