Euro

Issuers paid higher new issue concessions this week as investors turned more selective

◆ Sub-benchmark deal attracts large book ◆ 'Quite a big milestone' achieved ◆ Fair value not straightforward, but pricing was through

◆ Sparse calendar after a busy window ◆ Strong bid for a high grade name in a niche sector ◆ Single digit new issue concession paid

SSA issuers also back in frontier currency private placements

Fewer new deals are pulling lenders' attention back to existing companies

◆ Fair value 'a bit tricky' ◆ Scarce and interesting ◆ Issuers need to be realistic

◆ Citi achieves 'strong outcome' ◆ Pricing flat or close to fair value ◆ Sentiment 'more positive than in previous days'

Additional reserves could be freed, enabling banks to scale up lending

Issuer navigates US-China trade spat, and bond tightens to 1bp inside fair value the morning after pricing of tap

◆ One of the widest euro IPTs this year in IG corporate ◆ Demand rises during book building ◆ Single digit new issue premium

Saudi-based MDB may increase non-dollar funding in its programme in coming years and is exploring a potential social debut

◆ Axa prints RT1 and tier two on same day three French insurers announce deals ◆ Tier two demand surpasses RT1 interest ◆ Most subordinated capital still attainable at 'no-brainer' cost of funding