Euro

◆ Speculative interest anticipated ◆ Geopolitical tensions make little dent ◆ 15 year sweet spot for Dutch pension funds

White House mis-steps have raised hopes the euro can supplant the dollar

◆ Italian bank prints €1bn in first tier two since January 2024 ◆ Demand for higher yielding deals outweighs Middle East escalation ◆ Other new financial issuers of capital line up deals

◆ Deal attracts strong real money demand ◆ Minimal drops as accounts stick with price move ◆ Low single digit premium needed

◆ Hybrids fight for attention alongside SLBs and green bonds ◆ Books remain well subscribed ◆ But pressure is building for market sentiment to sharply turn

Black Sea Trade and Development Bank treasurer explains why now was the right time to return to raising debt

◆ Scarcity value draws buyers ◆ Nordic investors lured by big pickup against krona ◆ Bankers debate euro or dollar for next international bond

Borrower monitoring market windows ahead of novel European sovereign sustainability-linked bond

◆ Functioning market for debut and lower tier borrowers despite spike in political volatility ◆ Kommunalkredit Austria prints rare tier two as mBank prepares debut ◆ Malakoff Humanis raises €750m for growth

Three deals total €4.1bn

◆ Minimal impact from escalating Middle East conflict ◆ Investors eager to buy long end BPCE ◆ Danske lands flat to Pfandbrief

◆ Investors offered identical deals at each end of the rating spectrum ◆ Sanofi appears to come flat to fair value ◆ Both get more demand for seven year tranches