Currencies

◆ New issue premium debated ◆ Rival bankers praise outcome ◆ Secondary performance mulled

◆ Nine years, 10 social inclusion euro bonds issued ◆ Social 'leadership' demonstrated with new deal ◆ Minimal premium paid, but fair value a 'challenge'

◆ 'Cautious' start say some market participants ◆ New issue premium debated ◆ Price and size praised by rivals

◆ General Mills debuts €1.7bn Reverse Yankee hybrids ◆ Engie raises €2.06bn-equivalent across euros and sterling ◆ Sub/senior spreads stay modest on Engie's euro tranches

Easter holidays and Middle East volatility subdued regular private placement activity though Gulf states step up private funding

◆ Post-ceasefire rally brings predictability to market direction ◆ Quick execution brings the deal within vicinity of fair value ◆ Price discovery needed within German senior preferred universe

Defensive approach on Tuesday amid market uncertainty

◆ French bank swiftly acts after spreads tighten following ceasefire rally ◆ Fair value spread returns to pre-war level ◆ Bank pays small new issue premium

Busy Thursday ahead as five euro and dollar benchmarks set to price after a slow March

◆ US-Iran ceasefire lifts market sentiment ◆ Hochtief, Verbund draw strong demand in the belly of the curve ◆ SoftBank, Naver, General Mills join swelling pipeline

◆ Timing was everything ◆ Tight NIP on complex fair value ◆ Size and price discipline

◆ Euro benchmark deal fixed at €1.5bn ◆ Banker said new issue premiums down slightly ◆ Lead managers picked comps at 23bp over mid-swaps