Euro

◆ PBB opts for four year deal ◆ Marginal drops as German issuer tightens spread ◆ Investors appreciate the room for performance

◆ Fair value debated ◆ Some question RV attractiveness to global investors ◆ Dollars main funding market ‘for now’

◆ New senior FIG deals print with mid-single digit concessions... ◆... though Belfius offers more for its largest non-preferred funding since 2020 ◆ M&A target Monte dei Paschi prints year's first deal

◆ First euro and social combo since 2022 ◆ Deal follows another MDB five year ◆ Market capable of absorbing similar deals

◆ Single digit premium paid ◆ Slim pick up offered over Canadian peers ◆ Canadian covered paper lower in euros this year to date

◆ Bookbuild momentum slows due to Bloomberg outage ◆ Multiple ways of coming up with the same fair value ◆ 10 years appeals to duration and yield seekers

◆ German sub-sovereigns back in 10 year euros ◆ Fair pricing, good pick up over KfW ◆ First deal to price on day of terminal outage

The bank left the book open longer than planned due to problems with Bloomberg

◆ New deals land close to, if not at, fair value ◆ Book attrition visible amid competing corporate supply ◆ Seemingly no rivalry between senior FIG deals

◆ AT1 volumes reach €5.5bn-equivalent since post-tariff reopening ◆ KBC pays premium for larger size ◆ BPM benefits from takeover tightening

◆ Sovereign back again after 2024 return ◆ Record book for a conventional deal ◆ ‘Limited NIP' thanks to strong growth, rarity value

◆ UK insurer makes rare visit to euros ◆ Signs of growing investor discipline ◆ Groupama tier two was 'good trade'