Euro
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◆ Rare green trade using EU's new standard ◆ Lands inside fair value ◆ Books fall by €1bn from peak -
◆ Bond secured against a pool of export credit agreements ◆ Santander gets biggest bid-to-cover ratio since March ◆ Deal lands flat, if not through, fair value
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◆ UK bank has euro sub market to itself ◆ New NIP range established ◆ More capital trades said to be in pipeline
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◆ HSBC, NatWest, Société Générale print similar dual tranche senior deals ◆ 'No canibalisation' despite €8bn concentrated supply ◆ Bid for duration on all deals
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◆ Triple tranche trade finds mixed demand ◆ Shortest tranche lands inside fair value ◆ 'Significant' demand for high rated short end to park cash
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◆ Spain adds a new sustainable issuer ◆ No-grow deal was well oversubscribed ◆ Another European sub-sovereign next up
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◆ Small books do not mean small deals ◆ Norwegian trade lands tight to Pfandbriefe ◆ Next to no premium paid
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◆ Storied real estate company opens books after ratings downgrade ◆ New issue concession in the low single digits ◆ Investors keen to buy cyclical names
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◆ Deal is the first Austrian benchmark since January ◆ Slim premium paid ◆ Austrian supply down due to lower loan growth
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Volumes suffered in April amid US president Donald Trump's tariff trade war
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Favourable factors support long dated issuance in both senior and covered bonds despite the divergent fates of issuers in the two markets
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◆ UK issuer makes swift euro return ◆ NIP much lower than US banks paid ◆ Big subscription reflects investor uncertainty
