Euro

Sectors in peril while others restructure debt — welcome to the new normal

Hybrid deals remain challenging sale for issuers

◆ Investors demand higher concession on new tier twos ◆ de Volksbank issues latest euro deal and pays a premium ◆ Tweaks cost metrics to aim at higher profitability

◆ Large book for small tap ◆ Flight to safety helps swap spreads ◆ L-Bank grabs $1.25bn

Cable company goes big on short tranche in M&A related trade

The company also adds four to its bank group

◆ Triple-B rated PBB print stuck at IPTs... ◆... while double-B rated Monte dei Paschi achieves strong outcome ◆ OP Corporate Bank lands flat to fair value

Long maturities continue to attract healthy oversubscriptions, but some investors don't see their value

When senior unsecured spreads are so tight, why even think about issuing covered bonds?

◆ Italian bank opts to refinance early deal with call due next year ◆ Pays heightened premium but lower spread compared to earlier, shorter tier two ◆ BPM has been acquiring stakes in Italian financial institutions

Massive market swings make analysing new issue premiums a challenge

◆ Landesbank balances size and price aspirations ◆ Rising geopolitical tensions drive up new issue premium ◆ Spread tightened by less than on recent deals to keep investors in the book