Euro

◆ 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'

Finding right pricing ‘not easy’ but issuer navigates challenges to score record book and put important pricing point on euro curve

◆ Canadian bank lands tightest euro covered this year ◆ Further Canadian issuance on the day ◆ Banker on the deal said tranches were priced just inside fair value

Hounding the Fed does not make the US bond market more attractive

◆ Classic 10 year to start the year ◆ Record spread to swaps achieved ◆ 'Fantastic' and 'well supported' trade, NIP also compressed

◆ ‘Good result’ to start busier funding year ◆ Spreads to OATs still at historic levels ◆ €15bn funding needed for 2026

◆ Austrian bank succeeds in fast return to AT1 market ◆ Raises more than it needs to refi June call ◆ Deal lands close to fair value thanks to boosted demand for higher yielding assets

◆ Bank placed bond at 68bp over mid-swaps after large tightening◆ Banker said bond priced inside Israeli sovereign ◆ Issue offered ‘savings versus seniors’