Europe

◆ TD prints second euro FRN of 2024 ◆ NordLB makes SNP debut ◆ Sabadell enters sterling senior market

Hybrid from Snam and sustainability from Welsh Water

◆ Deal comes close to yields on Italian govvies ◆ Tight level puts off some investors ◆ More Italian issuance due

Borrower buoyed by rarity and recent ratings upgrade in €650m trade

The recent electoral success of populist fringe parties indicates that Germany may be heading down a well-trodden path with repercussions for the Bund

◆ Economic growth, upgraded ratings and wider spreads all attractive versus rest of DM Europe ◆ Bankinter prints on the edge of FV as Unicaja leaves small NIP ◆ BPM and Novo Banco come through FV

CEE bank trades are drawing big interest

Spreads tighten by more than average in sign that investors are far from sated

◆ Book building slows ◆ Spread tightening lessens ◆ Volume not to blame for lower demand

Other incoming new issues include a niche social bond in sterling

Turkish white goods maker increases deal size by 40% during syndication

Bank bonds from CEE are in high demand