Euro

◆ German state braves extreme spread volatility ◆ Deal was priced after government signalled higher Bund and Länder supply ◆ ‘Flip side for investors’ is much higher yield

EGBs sell off as Germany tries to fund both infrastructure and defence through debt brake reform

◆ Germany syndicates new Bund after spending shock ◆ Was the spread tight? ◆ ‘A great sign’ that market still functions

◆ Three IG corporate issuers snag more than €12bn of demand ◆ Whipsawing rates do little to dent appetite ◆ Yield hogs: Harley-Davidson tightens spread by 45bp

◆ Tuesday brought 'first proper correction' for European FIG bonds this year ◆ But NN sails ahead with tight pricing ◆ Pays some new issue premium due to worse sentiment and larger €1bn size

◆ New €5bn line opened against ‘not easy’ backdrop ◆ Planned long-end OLO turned out to be 2042 ◆ Flexibility once again serves sovereign well

◆ Talk of planned mandate change comes as bank raises €4bn ◆ More defence projects to become eligible for loans ◆ Deal not impacted, green label helped

An €800bn defence package was unveiled ahead Thursday's special defence summit

◆ Rates and geopolitical volatility weigh on investor sentiment ◆ Fast money investors show price sensitivity ◆ Low single digit premium paid

◆ Bank of America and National Bank of Canada opt for Monday issuance in shortened week ◆ Somewhat weaker backdrop results in lower price tightening versus recent senior deals ◆ BofA boosts euro funding this year to €6.25bn

Scope warns country is ‘heading towards difficult budgetary trade-offs’ with increased defence spending

◆ Dutch insurance company prepares deeply subordinated issue amid weaker market ◆ But FIG's fundamentals unchanged ◆ Spike in rates may boost demand from yield buyers