Euro
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◆ Coupon lands at same level as Commerz AT1 a day earlier ◆ Investors 'want Greek bank risk' ◆ Pipeline for AT1 and RT1 'looks thinner' -
◆ Final spread looks attractive for a sub-benchmark deal ◆ Book almost five times covered ◆ Low single digit concession offered
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◆ ABN eyed traffic jam ◆ NIBC competes with popular names ◆ Pekao manages book sensitivity
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◆ Five year tranche more demand than 10 year ◆ Different NIPs for each tranche ◆ Sizes beat expectations
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◆ Canadian issuer last appeared in euros in 2022 ◆ ‘They came back with a strong print’ ◆ Large book makes allocation a challenge
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◆ Deal attracts largest SSA book since Feb ◆ Issuer follows usual pattern ◆ Strong macro, interesting RV
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◆ Issuer sees sizable orderbook attrition ◆ Trade looks to pay single-digit new issue concessions ◆ Deal flow to dry up from today
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◆ Aussie lender ends more than two year absence ◆ Little or no premium paid ◆ Deal lands close to eurozone paper
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◆ Mining firm's biggest euro deal since 2020 ◆ Premium appears negligible ◆ Other challenging names could follow
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◆ Tier one capital flies in rallying market ◆ High initial new issue premiums draw big orders ◆ Axa adds new tier two, Commerz buys back old AT1
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Investor sensitivity means lower spread moves and smaller book cover levels
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◆ Market roars into life after UK public holiday ◆ Premiums low despite heavy supply this month ◆ Smaller deal sizes prop up demand
