Currencies

◆ New deal becomes longest issued by a Canadian bank since 2020 in both euros and sterling ◆ Provides clear arb to US dollars ◆ Bolsters TD's funding spree in Aussie, Canadian and US dollars

◆ Swiss food giant issues eight and 13 year notes ◆ Last Nestlé's euro issuance for 2025 ◆ Inmobiliaria Colonial adds €800m green deal

◆ First Finnish tier one FIG capital public sale in euros since at least 2020 ◆ Insurer to redeem tier two capital early ◆ First euro RT1 since July

◆ Issuer's second largest book ever ◆ Last benchmark of year ◆ Average NIP has shrunk this year

◆ Priced over Austrian govvies ◆ Scarcity and business model help demand ◆ Saskatchewan targets 10 year

Banker had worked at DB for 14 years

◆ A3 rated exchanges group prints long three and seven year paper ◆ Orderbook holds firm at £4.5bn ◆ Sterling depth proven ahead of BoE decision

Some deals struggled to get covered, but overall subscription ratio has been high

◆ Simultaneous tenders power new capital offerings ◆ Caixa issues tight and longer AT1 structured to refinance old capital early ◆ Permanent TSB's first tier two in more than four years ends in a blowout

◆ CBRE’s debut green tightens over 40bp ◆ Prologis €1bn dual tranche prints with negative concession ◆ Corporate issuers front-load ahead of Fed meeting

Big mining merger reignites confidence in M&A

◆ Choice of three or five year tenor considered ◆ 'Intensive schedule' of investor meetings pays off ◆ Other CAD issuers likely to be 'inspired' by deal