Europe
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◆ Dutch insurance company prepares deeply subordinated issue amid weaker market ◆ But FIG's fundamentals unchanged ◆ Spike in rates may boost demand from yield buyers -
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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◆ German and European spending needs rile SSA market ◆ GSE reform in the US, green reform in the EU ◆ Saudi Arabia leads Gulf diversification out of dollars
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Estonian lender set to join Austrian and German-led sub-benchmark flurry
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Swap spreads test new tights on fiscal expansion concerns as issuers turn to dollars
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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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Sovereign expected to pass its first rating test in 2025 with four more to come before early April
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The trade drew good demand after a slow week for covered bond issuers
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A wave of deals promises to redraw Italy’s banking landscape, pitching financial titans against politicians and offering advisers with a chance to burnish their credentials
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◆ Bond tightens 5bp from guidance ◆ Highest subscribed deal so far this week ◆ Relative value highlights issuer as 'strongest' Belgian region
