Euro

Single digits separate core and non-core euro covered spreads

Some FIG primary trades experienced big attrition levels this week in a sign that dynamics could be shifting

Outstanding subordinated debt totalling billions of euros no longer has equity credit

◆ Investors rush to buy despite yield compression... ◆ ... as French bank aims for both big size and 10 year non-call ◆ Issuer achieves lowest euro reset spread

German, French and Dutch banks the most likely candidates for the next long end deal

Company prints inside recent similarly rated names despite problems in motor sector

Sustainability links will be added once framework is complete and published

◆ Rare Portuguese issuer lands very close to Pfandbrief ◆ Tightening in covered bond spreads prompts divergent views on where fair values are ◆ Both issuers fund close, if not flat to, perceived fair values

◆ Austrian lender opts for longest maturity considered ◆ Market participants debate impact on broader market ◆ 'Minimal' new issue premium but slim pick-up over sovereign more notable

Chocolatier gets sticky book for first trade since S&P downgrade

◆ Limited attrition and premium deemed success ◆ Issuer offered ‘something a bit different’ on busy day ◆ New bond aimed at early refinancing

◆ French leasing company Ayvens limits book attrition ◆ Signs other FIG issuers ‘becoming less aggressive’ when pricing ◆ BNP Paribas adopted similar strategy