Currencies

◆ €10bn blockbuster launched with €100bn-plus book ◆ ‘Very good start to the year,’ says issuer ◆ Diversification targeted and achieved

◆ Deal smashes through previous record ◆ Longer tenor helps compress the spread ◆ Strong demand buoys hybrid market

◆ UniPol's first issuance since reorganisation in early 2025 ◆ Book grew after spread tightening ◆ Tier one supply will be 'scarce' in 2026, predicts banker

Financing consists of three tranches of loan facilities

◆ Belgian investment firm returns after two-year absence ◆ Strong 10 year point draws hefty demand for extra spread ◆ Orderbook attrition stays low

◆ German state brings fresh paper after KfW sets benchmark ◆ Appropriate spread to KfW dominates discussion ◆ Has market weakened from last week?

◆ Sovereign's first syndication this year may not be its last ◆ Book of ‘great quality’, lots of top tier demand ◆ ‘Defensive’ approach after sovereign outperformed

◆ Deal came on busy day with €13bn of volume across secured and unsecured FIG issuance ◆ €2.1bn final book ◆ Flat to fair value or even negative concession

◆ Landesbank returns to benchmark capital issuance for first time since 2021 ◆ Gathers attention of bigger investors in busy FIG market ◆ Italy's Banca Ifis completes first tier two foray in more than five years

◆ Issuer had contemplated 12-15 year euro deal ◆ Pushing through fair value was discussed ◆ Aussie dollar a 'win-win' while sterling 'on our minds'

The issuer made a swift return to the primary market after its first dollar Global of the year to take advantage of the 'depth and strength' of the sterling market. A euro ESG bond is still on the agenda

◆ Spacing out of trades has 'not been a consideration' ◆ Bank treasuries grabbing spread over asset swaps ◆ Central bank interest 'higher than previously'