Currencies

◆ Deal lands at tight level versus SPGBs ◆ Asian and central bank bids ◆ New issue premium estimated

◆ Tightest callable Italian tier two since 2020 ◆ UniCredit year-on-year spreads continue to tighten ◆ 80% of allocations made to 'solid real money' accounts

◆ Second biggest Swiss deal from a foreign borrower ◆ Front end takes the largest bite ◆ International issuance in the currency surges in 2026

◆ Books peak at over €5.1bn ◆ Deal Bosch's first since five tranche sale last May ◆Corporate issuers set to squeeze into Wednesday window

◆ Three syndicated OLOs raise sovereign a record €22bn ◆ Smaller book than last two, but “quality is definitely there” ◆ Usual pricing approach adopted

New issue premiums in recent weeks were lower compared to the highs after the Iran-US conflict began

◆ HSBC markets new dollar AT1 less than two months after raising $2.5bn ◆ Belfius Bank seen as candidate for further AT1 issuance ◆ Belgian lender is touring Europe to presents its 2026-2030 plan

◆ ING brings its first euro capital trade of 2026 ◆ Fair value debated ◆ ING's and Intesa's tier two deals were "not a competition"

◆ Telecoms firm takes €1bn across two legs ◆ No to negative premiums offered ◆ Real money sticks as fast money falls out

◆ No attrition on insurance arm's €500m no-grow 2036 deal ◆ Ample demand from buy-and-hold accounts ◆ 'So much cash available' despite US-Iran peace deal failure

◆ Real estate firm takes £400m on second outing ◆ Single digit concession needed ◆ Elevated sterling yields putting off potential issuers

◆ Spreads on all three legs tightened by 30bp ◆ Short end leads demand ◆ Deal follows BMW's outing in January