Currencies

◆ €2bn printed out of larger €4bn needs this year ◆ Very tight spread to French govvie ◆ Rarity and sovereign guarantee attracted investors

◆ Borrowers keep an eye on headline risk ◆ But trades land inside fair value ◆ Manchester Airport has blow-out debut

Estonian lender Coop Pank could also make its covered debut on Thursday

◆ Deal highlights Länder spread journey ◆ No price tightening ◆ Priced off KfW with minimal NIP

Issuance volumes in the region were far, far higher than any previous February

Banks have plenty of buy-to-let assets on their balance sheets; issuers should follow Paragon's lead for as long as investors and regulators allow

◆ First MDB in fixed rate dollars since February ◆ ‘Someone has to’ reopen the market ◆ Investors in ‘wait-and-see’ on US’ involvement in MDBs

◆ Bankers say deal was postponed ◆ Book covers size four times ◆ 'Safety first' in current environment

◆ French bank’s insurance arm completes first tier one print less than a month after parent bank’s AT1 ◆ Deal offers heightened premium ◆ Outcome amid volatility deemed ‘pretty decent’ by rival

The Italian payments company has maturities coming due in 2026 and 2027

◆ Established investor base ◆ Premium debated ◆ Size of attrition surprises some

◆ Sterling still open for business ◆ Slight preference for longer tranche ◆ Wessex Water next up