Currencies

◆ First euro benchmark for Poste since 2021 ◆ 35bp move from IPTs beats 2025 average ◆ Moody's upgrades long-term issuer rating this week

◆ More foreign capital deals in Australian dollars are 'definitely' expected next year ◆ Offshore issuance to institutional investors preferred ◆ BNPP make substantial savings versus US dollar levels

◆ Dutch bank prices at 34bp, tighter than earlier deals ◆ Order book of €1.9bn, nearly four times the size

◆ Both issuers advance 2026 funding plans ◆ LBP issues its first senior bond of the year ◆ Danske prints 20bp tighter than similar May deal

Green lending ramps up in part due to data centre growth, but volume still much smaller than SLLs

◆ Late start followed with quick updates ◆ Fair value debated ◆ Greek paper getting 'too tight' for some investors

More supply is set to come during the busiest November on record

◆ Irish lender sets size at €1bn ◆ Minimal concession paid ◆ Bank is 'swimming in capital'

◆ Tightest reoffer spread for a four year corporate paper this year ◆ Book peaks at more than three times the deal size ◆ Low single digit premium paid

◆Both opt for senior non-preferred ◆ Some premium ◆ Big books despite competition from other large names

◆ Deutsche hits euro FIG market 'on fire' ◆ AT1 pays higher than peers ◆ BNP Paribas to follow in Australian dollars soon after UBS broke six year hiatus

‘All done’ for 2025 as UK Budget and Thanksgiving approach but 'very crowded' January ahead