Europe

◆ No book size revealed ◆ Issuer braves volatile market ◆ Short end of curve tricky to navigate

◆ UK lender takes £500m ◆ Deal land single digits back of recent supply ◆ No-grow size supported demand

Public markets have proven to be often just as illiquid, leading to a convergence in approach

◆ DMO completes hefty chunk of syndication target ◆ Record size, record book ◆ Demand for 15 year 'encompasses a broad range of investors'

◆ 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