Euro
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Scope warns country is ‘heading towards difficult budgetary trade-offs’ with increased defence spending -
◆ Dutch insurance company prepares deeply subordinated issue amid weaker market ◆ But FIG's fundamentals unchanged ◆ Spike in rates may boost demand from yield buyers
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Leads to use comparables ranging from South Korea to Denmark when pricing upcoming deal
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◆ Not covered but not uncommon ◆ Prices around 2bp through fixed rate curve ◆ More German state supply expected
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German issuer's own comparable tenor deals disregarded in favour of more recent peer supply
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Market fed more information on Germany's defence and infrastructure spending
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Estonian lender set to join Austrian and German-led sub-benchmark flurry
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Sterling AT1 revival comes amid dispute over Deutsche Bank's foreign exchange losses
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Swap spreads test new tights on fiscal expansion concerns as issuers turn to dollars
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◆ Compressed capital structure makes 11NC10 senior attractive ◆ Investors price-sensitive on longer tranche ◆ High cash balances pour into FRN
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◆ Two sterling AT1s price within 3 days ◆ Strategy limits foreign currency losses ◆ BIL sells euro AT1 with no premium
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Issuance in the currency expected to increase next week
