Euro

◆ ESG accounts provide early orders ◆ Granular treasury accounts fill up book ◆ Deal comes close to fair value

◆ Portuguese lender attracts 'absolute' spread buyers ◆ Pricing seen flat if not inside fair value ◆ Appetite for 'underweight' Portuguese risk helps

◆ Eleventh sustainability bond helps issuer close in on funding target ◆ Twice covered book signals steadier euro market ◆ Supply slowdown is "creeping in"

Acquisitive Informa, TDF Infra and Würth join the ranks looking for funding

Issuer-friendly mismatch in supply and demand masks the difficulty of timing the market

Bloc prices another blockbuster after launching repo facility as it adapts to shifting relative value in pursuit of sovereign status

Wide SSA spreads and stale secondary levels are pushing out covered spreads and NIPs

◆ Only €5bn left of €80bn funding task ◆ Dollars and smaller currencies on the menu ◆ ‘Right demand, right product, right time’

◆ Pricing over size prioritised... ◆ ... but likely not at the initial stage ◆ Elevated concession, albeit not the main measure of FRNs' attractiveness, suggests limits to investor demand

◆ Euro covered priced inside dollars for Canadians ◆ Small premium paid ◆ Infrequent funder 'in the pack' with peers

◆ Capped deal starts with spread range fixed from outset ◆ Issuer adds €115m of orders after setting spread ◆ Finding fair value tricky

◆ Five year deal planned ◆ Savings banks to drive demand ◆ Deal to harness interest for high spread German paper