Euro
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◆ Unlike Commerzbank, long end book holds together ◆ Premium paid ◆ Scarcity of Japan names in euros -
◆ One tranche experiences more attrition ◆ New issue concession varies on legs ◆ Fast money investors exhibit sensitivity
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◆ Crédit Agricole aims for 5.5 years, SR-Boligkreditt goes for fives ◆ The belly home to the greatest demand ◆ Paid land tight to peers and own curves
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German lender plans rare 20 year deal
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◆ Both borrowers comfortably oversubscribed ◆ Deals tightened above the 37bp average ◆ Little fatigue seen after a bumper May
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The bank printed Estonia's first ever international AT1 in February
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June could be very busy as borrowers come early to exploit good conditions
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European banks progress with capital raising as spreads tighten, but investor qualms grow
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Investors nervous about duration and fear steepening, but new opportunities could open up for issuers
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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
