Euro

German, French and Dutch banks the most likely candidates for the next long end deal

Company prints inside recent similarly rated names despite problems in motor sector

Sustainability links will be added once framework is complete and published

◆ Rare Portuguese issuer lands very close to Pfandbrief ◆ Tightening in covered bond spreads prompts divergent views on where fair values are ◆ Both issuers fund close, if not flat to, perceived fair values

◆ Austrian lender opts for longest maturity considered ◆ Market participants debate impact on broader market ◆ 'Minimal' new issue premium but slim pick-up over sovereign more notable

Chocolatier gets sticky book for first trade since S&P downgrade

◆ Limited attrition and premium deemed success ◆ Issuer offered ‘something a bit different’ on busy day ◆ New bond aimed at early refinancing

◆ French leasing company Ayvens limits book attrition ◆ Signs other FIG issuers ‘becoming less aggressive’ when pricing ◆ BNP Paribas adopted similar strategy

◆ Orders hold to finish several times subscribed ◆ Premium level debated ◆ Investors lured by attractive spread and rating

◆ French bank offers premium to investors to attain size target ◆ Deal is the tightest and longest French euro tier two in 2025 ◆ Rare Ibercaja also goes longer than the norm

The company is believed to have added three institutions to its lending roster of relationship banks

◆ Large size ◆ Pricing ‘on the money’ ◆ Getting squeezy versus OATs