Euro
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German lender plans rare 20 year deal -
◆ Both borrowers comfortably oversubscribed ◆ Deals tightened above the 37bp average ◆ Little fatigue seen after a bumper May
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The bank printed Estonia's first ever international AT1 in February
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June could be very busy as borrowers come early to exploit good conditions
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European banks progress with capital raising as spreads tighten, but investor qualms grow
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Investors nervous about duration and fear steepening, but new opportunities could open up for issuers
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Issuers expected to squeeze in before tariff volatility returns and summer holidays start
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AT1 issuance is expected to slow after recent burst of supply
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Despite the latest legal development being ostensibly market pleasing, many feel little reason for cheer
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Banks encouraging investors to lend to cut out competition from other banks
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Modestly sized euro and dollar benchmarks are being prepped for next week
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Issuer hopes to raise €750m from sustainability bond, likely a 10 year, after summer following this week’s large print
