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◆ Sovereign continues to break record after record ◆ New deal was 'a blowout by every definition' ◆ Second wave of EGBs underway, Belgium next -
Borrowers moving between the two markets create opportunities for both
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New record low spread gap between senior and hybrid bonds
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First Canadian province to visit euros in 2026
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International tension has propelled valuations in the sector up, tempting issuers
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◆ Joint largest US bank deal in euros in at least five years ◆ More than twice subscribed ◆ Heightened premium compared to dollar funding
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Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans
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Politically motivated prosecutions endanger democracy
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◆ Bank placed bond at 68bp over mid-swaps after large tightening◆ Banker said bond priced inside Israeli sovereign ◆ Issue offered ‘savings versus seniors’
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Solutions exist but political will is necessary
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Avoiding unsecured euro issuance, French banks have concentrated funding in dollars and covered bonds as they eye record start
