Banks

◆ Larger deal than its previous subordinated sterling issuance ◆ Funding cost comes close to euros ◆ Two ways to construct fair value

◆ HSBC raises more than $11bn-equivalent senior and subordinated funding in a little over a week ◆ Hits improved sterling market for first time since September ◆ Broker IG Group makes its second bond appearance

◆ Each issuer prints larger deal than usual ◆ NWB comes after BNG five year ◆ Quebec gets huge book

◆ Deal attracts strong early momentum ◆ Slim premium paid as HVB lands size ◆ Pick-up offered over German SSAs

◆ QTC aims to build curve in euros ◆ Monitoring dollars too ◆ Canadian comps used

◆ ING new issue premium ‘made sense’ ◆ CredEm sub-benchmark lures buyers ◆ Slower issuance allows secondary performance

◆ EIB taps three year tenor with new EARN benchmark ◆ Eurofima grabs record book with green bond ◆ Busiest week for primary since US tariffs

◆ Both banks issue their second ever euro deals in respective asset classes ◆ SBAB prints much tighter but also ends up with lower oversubscription ◆ Higher spread pick-up on the Croatian deal lures buyers as issuer's credit profile improves

Tannenbaum will be new head of EMEA corporate and investment banking

◆ Caffil aims for 12 years, LBBW goes for 10 ◆ Pair of €500m deals attract almost €5bn of combined demand ◆ Single digit concessions offered

◆ 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