Currencies

◆ Axa prints RT1 and tier two on same day three French insurers announce deals ◆ Tier two demand surpasses RT1 interest ◆ Most subordinated capital still attainable at 'no-brainer' cost of funding

◆ 'Odd' that deal landed so close to ESM ◆ Mid-curve tenors enjoy 'even better' demand ◆ Hamburger Sparkasse six year eyed

Private debt refis Here East campus loan

◆ €18.5bn demand for €1bn tap ◆ ‘Really fantastic’ deal completes 2025 funding ◆ 'Very tight' Bavaria struggles to attract

French political concerns and geopolitical twists chilled sentiment with no new unsecured deals on Tuesday

◆ Norwegian utility prints 13 year green bond ◆ Deal lands in the mid range of guidance ◆ Selective tone in a softer backdrop

◆ Rare pricing against Sonia swaps ◆ Reverse enquiries drive deal ◆ Relative value against SSAs

◆ Deal follows Honda's $2bn issuance in September ◆ Modest tightening in a weaker credit market ◆ Auto sector tone improves as tariff path clarifies

The Canadian borrower recently landed its tightest ever deal in US dollars

◆ Improved French market and political backdrop ◆ 'Healthy' NIP ◆ Plenty of French issuance

Issuer completes its final euro deal of 2025 and plans to hit the ground running in January across dollar, sterling and Swiss francs potentially

◆ Reception for deal marks contrast to FIG credit ◆ New issue premium debated ◆ Tenor important for pick-up over OATs