Europe
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Concessions remain constrained, but oversubscriptions are unspectacular -
Landesbank Berlin's Pfandbrief was not received as well
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◆ Belfius attracts attention with its joint largest senior deal at 10bp NIP ◆ Now lower tier banks 'don't have to be a hero' to issue ◆ Cajamar debuts in green
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Issuer brings multicurrency deal that found ample demand in the long end of the sterling curve
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◆ Austrian lender saves with early tier two refi ◆ Others could follow into 'wide open' AT1 market ◆ Generali's popular tier two bullet shoots through fair value
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Investors are keen for new issues, but they will be more selective than earlier in the year
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Telecoms company prices through conventional curve as interest in SLBs picks up
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◆ BPER Banca and Unicaja pull in strong demand for SNP deals ◆ Investors bidding for higher spread products ◆ Encouraging for more senior issuance from lower tier borrowers
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Demand for issuer's 25 year was more than double that for its 12 year tranche
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Česká spořitelna's successful trade last week will help other CEE bank issuers
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◆ Green Lion steals the show ◆ EU ABS pipe ready to burst ◆ EU CLOs set for testing Q4
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Big borrowers urged to show leadership as dealers insist demand lies at the long-end
