EUR New Issues: Supply slows; Banks target 5y to 7y sector

Pipeline construction
Euro new issuance slows although banks continue to target the 5y to 7y sector.

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New issues

  • ESB Finance DAC is pricing €300m 20y around swaps +170bps through BBVA, BNPP and HSBC (B&D).

  • Op Mortgage Bank is pricing EUR 7y Covered around swaps +21bps through BNPP, JPM, LBBW and Op Bank.

  • State of Brandenburg is pricing €500m (max) 6y at swaps -5bps through Citi (B&D), Helaba, LBBW, NordLB and TD.

  • Eurobank plans EUR 6y NC5 through BNPP, GS, HSBC, IMI and UBS.

  • National Bank of Canada is pricing EUR 5y around swaps +145bps through BNPP (B&D), Commerzbank, NBC, Natixis and NatWest.

  • Ibercaja Banco is pricing €350m (max) perp NC5.5 AT1 around 9.625% through Barclays, HSBC, JPM and MS.

  • Hypo Oberosterreich is pricing €250m long 4y Covered at swaps +27bps through Deka, DZ (B&D), Erste and Helaba.

  • Caja Rural de Navarra is pricing €500m long 4y Green Covered around swaps +40bps through ING, LBBW, NordLB and Santander.

  • Muenchener Hypo is pricing €1bn short 3y Covered at swaps -9bps through Barclays, CA, Deka (B&D), DZ, LBBW and UniCredit.

  • AIIB, Asian Infrastructure Investment Bank, plans EUR Sustainable Development bond through Barclays, DB and JPM after meeting investors Jan 24-26.