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The reaction was so benign that a small bank printed an AT1 this week

Largest ever US bank capital deal sold this week as another big perp also appears amid hunt for yield

No sign of an issuance drought in hot market

◆ Deal eight times subscribed ◆ Spread cut to mid swaps plus 120bp ◆ Investors flush with cash amid scant supply

German company has been actively acquiring and divesting real estate since late 2024

◆ €500m bond six times subscribed ◆ Only 1bp off NRW's recent five year ◆ Tenor, yield, timing all attractive

◆ Citi and Wells Fargo opt to issue in euros before dollars ◆ Citi's offer described as first post-GFC euro tier two from a US bank ◆ Both banks achieve competitive funding in 'green flashing' euro market

Up to 30bp new issue premium offered at initial pricing disappeared

◆ Greek bank's first bond of the year vastly improves on last year's financing ◆ Scarcity appeal, buyback, and higher UniCredit ownership help crunch spread ◆ Old bond to be bought back above par

Swiss real estate firm's stock has risen 65% this year

BBVA and ENBD learnt of change when IPTs were put out

Gulf lenders continue subordinated issuance spree with fresh SNB deal