Issues

◆ High spread attracts credit focussed accounts ◆ Strong demand for covered return ◆ Deal spotted 5bp tighter in secondary

First outing for Italian company tipped to herald wave of fresh hybrid names

Some have questioned why the issuer is running a tender for 2032 bonds alongside its new issue

High yield from an issuer with major oil and gas players as shareholders attracts investors

Tighter spread to Bunds and real money investor interests observed in its new deal

◆ First Canadian tier two in euros since 2008 ◆ How TD alleviated concerns surrounding its profitability ◆ Issuer achieves 'competitive' diversification

◆ No pick-up offered to French govvies ◆ Deal lands through fair value ◆ Investors still eager to pick up paper

◆ Specialist CRE lender raises capital to replace AT1 it kept extending since 2020 ◆ Outcome seen as positive for banks involved in the CRE lending ◆ Dollar funding comes some 300bp below euro AT1 coupon

Blowout demand for 20 year sterling tranche suggests investors are not beholden to rate volatility

◆ Deal finds demand despite arrest of South Korea's president ◆ High single digit concession left for investors ◆ Leads added spread to calm concerns

A straight dollar bond is the most likely format, but it has discussed other options

Lender pays just 20bp-25bp over government as fiscal issues weigh on sovereign and scarcity supports bank spreads