Currencies

Pipeline still bottled up but deals could flow once first issuers shake themselves out

Big name needed to shock pipeline back to life, according to bankers

Improving sentiment lures retail giant but issuer opts for short end

As tariff storm eases, buyers grow more willing to move down the credit curve

◆ Nordea and CM Arkéa resume European senior funding absent since 'Liberation Day' ◆ Nordea likely to serve as floor for spreads in current market ◆ Arkéa goes slightly longer in its first deal of the year

◆ Undersupplied insurance sector lures buyers ◆ Bankers debate best comparables ◆ AT1 market reopens (sort of)

‘A strong focus on a fast execution process’ aimed to minimise uncertainty and volatility, says sovereign’s funding head

The Italian gaming group has amended and extended the facility initially completed in 2023

◆ New investors take part in 1.5 day sale ◆ Deal lands flat to peers ◆ Picking the right window 'difficult'

◆ Japanese issuer back with usual benchmark ◆ Difficult backdrop, ‘good for them to get this away’ ◆ Tier one issuer needed

◆ Bill Ackman’s firm offers chunky spread ◆ But investors only offer modest demand ◆ Company only has one other euro trade outstanding

◆ Combined book one of the sovereign’s largest ◆ Swap spread volatility observed overnight ◆ Issuer ‘did well not to stretch’ the pricing