Euro

◆ Book falls €1.5bn from its peak ◆ Offers small pickup to SSAs ◆ Trade lands flat to fair value

Wide range of pricing references considered

Newly rated supermarket group receives €3bn orders for €500m deal

Book for its newest deal was second in size only to a QE-era transaction

The facility's ESG features will be finalised before the end of the year

◆ Sovereign sells €10bn bond into record demand ◆ First syndication since last year’s political woes ◆ 'Strong demand for French bonds and trust from investors,' says issuer

◆ Eurobank raises €400m to buy back €200m of acquired Hellenic Bank's tier two ◆ OP Corporate Bank makes first appearance in subordinated euro market since 2020 ◆ Clear preference for yield prevails

Bulk of financing for sector is new money, rather than refinancing

◆ Book supports large deal despite attrition ◆ Belgian scarcity makes finding fair value tricky ◆ 1.5 day execution chosen to aid price discovery

◆ Deal heavily oversubscribed, allowing for 62.5bp price compression ◆ Restarts RT1 funding for European insurance sector in an expected busy year ◆ Differing views on fair value

◆ Deal the largest single covered bond tranche in euros this year ◆ Single digit premium paid ◆ French issuers make the most of flat belly of the curve

◆ 'Good outcome' for German states ◆ Spread to KfW tighter for longer maturities ◆ Prices tighter than 10 year deals from peers