Currencies

◆ Last euro syndication for 2025, done ◆ Good timing as usual ◆ Book is one of sovereign’s largest

◆ US companies Pfizer and McDonald’s raise euros ◆ Pfizer pays zero concession but some thought it looked cheap ◆ McDonald’s cooks up almost €4.7bn book at peak

◆ Joint biggest deal of the year attracts largest book since last May ◆ Final spread the tightest in almost a year ◆ Sterling offers saving compared with euros or dollars

◆ 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

◆ EU brings 'return-to-normality' trade ◆ KfW prints large new green bond ◆ Duo show leadership, more issuers to follow

◆ Deal was Sparkasse Hannover's second in benchmark format ◆ Domestic demand drives deal but some international accounts take part ◆ Next to no premium paid

◆ Demand solid across seniorities ◆ Hybrid regular Veolia moves into green structure◆ Swisscom shows investors also looking for thinly priced debt

Utilities, healthcare and telecoms among the sectors highlighted as prime targets for consolidation

◆ Sabadell prices AT1 amid merger reports ◆ Deals reflect 'strong support' for FIG primary ◆ Erste finds demand for AT1 offering

◆ Auto companies reappear in European bond markets ◆ Demand is high for beleaguered sector ◆ BMW tightens three year spread by 40bp