Euro

Direct lending default rates tick higher amid notable distressed situations

◆ Fourth French bank to print senior bond in euros this week ◆ Tenor becomes more popular as deal garners largest book among compatriots ◆ Priced flat to fair value but with pick-up to core Europe

Front end floaters fly for auto names in private placement format

◆ Busy week for euro capital trades ◆ Fair value disputed ◆ 'Yield buyers' running the market, rival banker says

◆ Largest book of the week for a euro tier two ◆ Priced flat to fair value ◆ 'Sensible' pricing, rival banker says

◆ Autos keep piling into the short end ◆ Issuer skips guidance on huge demand ◆ Deal lands through fair value

◆ Book drops most pronounced in tier two market ◆ Erste lands new deal at fair value even after losing half its orders ◆ Commerz suffers due to marginal premium

◆ €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