Weekly Covers

Supranational C-suiter and veteran banker added to DSR Bank body to bring MDB and market experience

◆ BBVA opts to go long amid attractive absolute spread levels ◆ Pays slim concession ◆ Higher paying RBI lands flat to fair value backed by strong demand

◆ Finnish DMO's Sammallahti on 'sweet spot' tenor ◆ Close to fair value ◆ Asset managers willing to buy shorter

This week saw a 79% drop in euro volumes from same time last year

The food maker made its bond market debut in May

◆ Austria bank compresses funding cost as investors remain avid buyers of tier two bonds ◆ Product described as 'most attractive' within the FIG capital structure ◆ Deal lands with negligible premium, if any

◆ Water company tests demand in a troubled sector ◆ Deal size increased to £450m ◆ Spread tightened 15bp inside the tight end of initial thoughts

◆ Deal appears tight compared to recent supply ◆ 'Decent' pick up paid over SSAs ◆ Slim premium offered over Nordic peers

European stocks have outperformed but IPOs have lagged

Curve underperformed but ‘there is demand at these wider levels’

The bank secured a small funding arbitrage compared to dollars

◆ Issuer takes advantage of capped size ◆ Rarity element provides tailwind for tight pricing ◆ Others take different markets as Nordea stays local for AT1 and Allianz eyes dollars for RT1