Currencies
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◆ Issuer ends six year absence with incredibly popular deal ◆ Curve shape fuel seven year demand ◆ Wide range of comps used -
◆ Rare deal unhindered by softer market open ◆ Follows recent south European trades from Abanca, Bankinter, and CredEm ◆ Triple digit spread attracts 'quality' book
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◆ New 2046 OT proves attractive to investors ◆ Book size and quality both pleasantly surprising ◆ Sovereign issuer pays its typical NIP
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◆ Madrid lands at same level as 10 year ◆ Second EuGB from Madrid ◆ NWB makes euro benchmark 2026 debut
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◆ Sovereign gets ahead of uncertainty in H2 ◆ Larger size raised off strong demand ◆ Bigger curve reaction this time neutralised by pricing
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◆ Close to recent Ontario ◆ Fair value estimated ◆ More in pipeline
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◆ Bank refreshes own record from last September ◆ Deal's non-call 10 period unusually long for the sterling market ◆ Lack of sterling tier one supply attracts 'huge book'
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◆ Issuer's first trade of 2026 ◆ Premium paid as 'investors not chasing everything' ◆ First SP from a Spanish bank since February
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◆ Reinsurer latest in string of insurance tier two offerings ◆ Comes with tender offers on two outstanding bonds ◆ Investors show 'discipline' on pricing
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◆ Arbitrage for French issuers ◆ Slim premiums paid ◆ Demand 'not endless' but tone 'very constructive'
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◆ Investos flock to RELX despite AI noise ◆ Demand allows for low single digit NIP ◆ Sticky books for Smith & Nephew
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◆ Third benchmark as Unédic tackles big funding task ◆ Single-digit spread over OAT paid for 15 year ◆ BNG joins SSA peers in seven year euros, NWB up next
