Euro
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◆ Tight govvie spread no problem for spread hunters ◆ No premium needed ◆ Some buyers resisted pricing through 70bp -
Development bank aims to continue early success in the dollar market next week
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Warm reception for French banks in euros and other currencies shows FIG market is in positive health
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Elite group of companies now considered safer than France in the primary market
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Last January's book and deal size records tumble to encourage bankers with 'trillions' of issuance still to be digested
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◆ Landesbank delays covered funding as it prints second senior preferred three months after debut ◆ Varying views on concession, minimum 5bp paid ◆ Strong backing by German bank investors
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◆ Italian bank overcomes slower day in primary with first FIG dual tranche deal of year ◆ Why issuer chose twin tranches ◆ Concession discussed
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◆ French bank prints third syndicated deal in just two days ◆ Frequency of visits means issuer has to pay up ◆ Euro tier two ‘better received’ than sterling tier two
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Big books and negative concessions aplenty as pipeline looks thin
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◆ Size was at upper end of recent range ◆ Book was over €30bn at one point ◆ Portuguese bonds still tight versus peers
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Logistics company book more than six times oversubscribed as investors snap up paper
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◆ Deal lands with low single digit premium ◆ Investors propel book to almost €5bn ◆ Trade already tighter in secondary
