Euro
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Investors nervous about duration and fear steepening, but new opportunities could open up for issuers -
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
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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'
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◆ 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
