Euro

◆ Fair value 'a bit tricky' ◆ Scarce and interesting ◆ Issuers need to be realistic

◆ Citi achieves 'strong outcome' ◆ Pricing flat or close to fair value ◆ Sentiment 'more positive than in previous days'

Additional reserves could be freed, enabling banks to scale up lending

Issuer navigates US-China trade spat, and bond tightens to 1bp inside fair value the morning after pricing of tap

◆ One of the widest euro IPTs this year in IG corporate ◆ Demand rises during book building ◆ Single digit new issue premium

Saudi-based MDB may increase non-dollar funding in its programme in coming years and is exploring a potential social debut

◆ Axa prints RT1 and tier two on same day three French insurers announce deals ◆ Tier two demand surpasses RT1 interest ◆ Most subordinated capital still attainable at 'no-brainer' cost of funding

◆ 'Odd' that deal landed so close to ESM ◆ Mid-curve tenors enjoy 'even better' demand ◆ Hamburger Sparkasse six year eyed

◆ €18.5bn demand for €1bn tap ◆ ‘Really fantastic’ deal completes 2025 funding ◆ 'Very tight' Bavaria struggles to attract

French political concerns and geopolitical twists chilled sentiment with no new unsecured deals on Tuesday

◆ Norwegian utility prints 13 year green bond ◆ Deal lands in the mid range of guidance ◆ Selective tone in a softer backdrop

◆ Improved French market and political backdrop ◆ 'Healthy' NIP ◆ Plenty of French issuance