Issues

SaarLB to test demand with year’s first 10 year Pfandbrief

Italy takes €15bn from dual tranche sale as bankers advise borrowers to keep going

◆ French insurer raises €1.5bn from debut RT1 ◆ Deal reaches peak demand of €8bn even when pricing was through perceived FV ◆ Rare asset makes finding accurate FV very difficult as other deals have low coupons

◆ Vast interest for FIG debt capital as investors make €15bn of orders ◆ Periphery tier one and two deals prove very popular ◆ Arkéa struggles to attract interest and pulls 12 year tier two

Elia, EDP and Traton ease through a market desperate to invest

The trade is the most raised by an EM sovereign in one day in nearly four years

Issuers take in small concessions and big books, as bankers ask after long maturity trades

Disappointing inflation numbers in December question the narrative of an easy recovery for the country’s ECM

Books bulge for Eni and Schaeffler as investors pile in

CEE financial institutions likely to be busy issuers again in 2024

◆ SSAs throw etiquette out of the window in rapid start to year ◆ Banks blind-sided by sudden correction ◆ Mixed fortunes for corporate issuers

◆ European banks lead issuance with focus on senior funding ◆ Market wobbles prove funding more challenging than expected ◆ Foreign banks’ capital raising is one prominent feature