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Amid today's partial European holiday for All Saints Day, FIG issuers are spending another day on the side-lines Tuesday.

Recent deals are mostly holding steady although standing out is Unicredit's 10yr bond sold in mid-October which is under some pressure with weakness also noted in Italian names in general. That also comes as underlying BTP yields continue to climb with 10yr yields up as much as 35bps in the past five sessions. The latter comes in response to political uncertainty as the Dec 4th vote on constitutional reform edges closer, the result of which remains up in the air, as is the result of next week's US presidential vote where polls continue to paint a mixed picture.

Looking more broadly and bank stocks in Europe are putting in a mixed performance today suggesting a discerning attitude to risk with earnings related weakness in Standard Chartered failing to inflict lasting damage to the broader bank complex where SX7P moved back into positive territory after a shaky start.

Turning back to credit and on a more positive note, recapping last week's supply still suggests investors have cash waiting to go into the right trade where the EUR4.8bn of benchmark sized IG issuance sold in the single currency attracted aggregated orders topping EUR12.25bn.

Otherwise, away from the single currency, the sterling sector is set to see more supply following the announcement of a mandate this morning, where Virgin Money Holdings (UK) Plc is preparing to sell an AT1 transaction following investor meetings which begin today via Morgan Stanley as sole structuring advisor along with Deutsche Bank, Goldman Sachs as joint bookrunners.

IssuerDealRe-offer spreadCurrent spread & change vs previous dayRating
SOCGEN0.125% 10/2021MS +30MS +24.5 (-0.5)A2/A
RABOBK0.125% 10/2021MS +28MS +20.5 (-0.5)Aa2/AA-
WSTP0.25% 01/2022MS +35MS +35.5 (-0.5)Aa2/AA-
BPCEGP0.375% 10/2023MS +38MS +39.5 (unch)A2/A/A
KBCBB0.75% 10/2023MS +65MS +63 (+1)Baa1/BBB+/A-
C0.75% 10/2023MS +70MS +73.5 (unch)Baa1/BBB+/A
AVLN0.625% 10/2023MS +60MS +58.5 (-0.5)A3/A
GS1.25% 8.5NC7.5MS +105MS +104.5 (+0.5)A3/BBB+/A
BX1.00% 10/2026MS +83MS +92 (unch)
A+/A+
UCGIM2.125% 10/2026MS +173MS +185.5 (+8)Baa1/BBB-/BBB+
MS1.375% 10/26MS +108MS +110 (+0.5)A3/BBB+/A
WSTP0.875% 04/2027MS +50MS +45.5 (unch)Aa2/AA-
BPCEGP1.00% 10/2028MS +60MS +51.5 (-0.5)A2/A/A
C1.50% 10/2028MS +95MS +97 (+1)Baa1/BBB+/A

Sub

CNPFP1.875% 10/2022MS +190MS +159.5 (+0.5)BBB+
BFCM1.875% 11/2026MS+155MS +145 (-1)A3/BBB/A
SEB1.375% 28-23 (12NC7)MS +135MS +136.5 (unch)Baa1/BBB+/A+
ACAFP4.750% 48-28 (32NC12)MS +435MS +394 (-2)BBB-

david.corbell@informagm.com

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