Banks

◆ New deals expected to encourage other borrowers into euros and sterling ◆ Tight funder DNB shows spreads still a touch wider than pre-tariff volatility ◆ Lloyds' home foray underlines improved relative funding cost in sterling

◆ QTC inaugural deal could 'open doors' ◆ Bank treasuries supporting 0% RW names ◆ NWB opts for sterling alongside CAF

◆ Trade the tightest in euros since early April ◆ Single digit concession paid ◆ Deal comes close to SSA curves

◆ Deal follows $8.8bn HSBC senior issuance ◆ US-China trade deal lifts sentiment, points to more tier two and additional tier one deals ◆ HSBC pays no premium

◆ IBB, Saxony-Anhalt, AFL price deals ◆ One trade "accelerated" ahead of cramped market ◆ All notes price tightly

◆ UBS's covered programme now 'well-known' a year after launch ◆ Investors like the chance to pick up triple-A rated Swiss risk in euros ◆ Premium needed for contractual structure

◆ Handful of European banks go Stateside after quarterly earnings ◆ Some revisit dollar funding despite it not offering best relative cost ◆ HSBC goes for size as its triple trancher surpasses BofA's $5bn print

There still is demand from investors after this week's senior salvo but issuers need to pay the steeper curves if they want to play

Key trade planned for 2025 executed to satisfaction, $4bn left to do

◆ Issuer changes pattern of Tuesday's dual tranche deals ◆ Cheaper relative funding cost at front end prompts FRN ◆ Bank's first senior euro foray of 2025

◆ €1.7bn deal gets 2025 funding past the line ◆ Seven year print and 18 year social tap ◆ Bankers say market gives 'good results' and more supply inbound

◆ Issuer happy to print more at tight price ◆ Single digit premium paid ◆ Australian covered spreads hold firm