Euro

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

Toll road company tightens 50bp and sees ample demand

◆ Spanish issuer funds with no new issue premium, if not breaching through fair value ◆ Market shows approval of the lone senior FIG print ◆ 'No major impact' spotted from BBVA's takeover expectations

Recent Länder deals shed light on where covered bonds might clear

SLL market grows but top 10 banks see volumes decrease, as some say borrowers are turning their backs on structure

◆ Austrian bank completes strategic capital refi ◆ Investor response show 'no consensus' on pricing for 'very esoteric name' ◆ New deal has lower funding cost than March's pulled attempt ◆ Other debut issuers show deeply subordinated capital remains desirable

Bigger book for senior tranche of debut, but borrower manages to increase size of deal

Twenty year tranche well received, but triple trancher's shortest end tightens the most