Jyske Bank

◆ Heightened sensitivity towards second tier issuers drives demand ◆ Jyske tier two and BAWAG senior preferred lose orders due to tighter spreads... ◆ ... but wider spreads on PBB and Arion attract buyers

◆ Danish bank finds demand with Friday print ◆ Shorter tenor appeals to investors ◆ Deal lands close to fair value

◆ Danish lender prints €750m for the first time ◆ Backed by its largest real money participation, the deal achieves Jyske's largest book

Streak of high-yielding FIG credit attracting ample demand has been broken

◆ Follows similar attrition Mediobanca experienced on Monday ◆ Rival bankers give mixed assessment ◆ Jyske Bank senior offering holds up better