Intesa Sanpaolo

◆ Scarcity value helps insurer 'stand out from crowd' ◆ Maturity and credit 'a different animal' from parent ◆ Pricing versus parent company evaluated

◆ Skinny new issue premium ◆ Deal 10 times covered ◆ Pricing with EU not a challenge

Conclusive US election result and rate product woes open pre-funding options to banks

◆ Multiple factors lure buyers to rare deal in the asset class... ◆... after strong credit rally following US elections ◆ Positive new issue premium reinstated

◆ Big orders and minimal premium for senior sale ◆ NatWest brings affordable housing bond ◆ Dutch debut from Triodos

More than 12 regional and global banks joined the facility as Middle Eastern companies find M&A appetite

◆ Italian bank prints at 7% amid 'Fomo' for AT1 refi ◆ Tier two capital well absorbed with rare Munich Re offering €1.5bn ◆ AIB benefits from green label

‘Generational change’ includes new CFO, deputy CFO and head of funding

Order books shrink when issuers tighten pricing as investor expectations of rate cuts shift

◆ All issuers complete deals with seemingly no competition among them ◆ Three banks choose short and mid range maturities to tap different investors ◆ Market remains receptive for more issuance

Joint Lander #64 and Eurofima take euros while EBRD goes for sterling

Banks may bring forward their 2024 funding plans to snap up duration as investors look to position ahead of predicted rate cuts