Currencies

◆ Sovereign sells €10bn bond into record demand ◆ First syndication since last year’s political woes ◆ 'Strong demand for French bonds and trust from investors,' says issuer

◆ Eurobank raises €400m to buy back €200m of acquired Hellenic Bank's tier two ◆ OP Corporate Bank makes first appearance in subordinated euro market since 2020 ◆ Clear preference for yield prevails

Bulk of financing for sector is new money, rather than refinancing

◆ Book supports large deal despite attrition ◆ Belgian scarcity makes finding fair value tricky ◆ 1.5 day execution chosen to aid price discovery

◆ Deal heavily oversubscribed, allowing for 62.5bp price compression ◆ Restarts RT1 funding for European insurance sector in an expected busy year ◆ Differing views on fair value

◆ Deal the largest single covered bond tranche in euros this year ◆ Single digit premium paid ◆ French issuers make the most of flat belly of the curve

◆ Size on upper end of DMO's expectations ◆ Minimal new issue premium ◆ Gilt to be auctioned next month

◆ 'Good outcome' for German states ◆ Spread to KfW tighter for longer maturities ◆ Prices tighter than 10 year deals from peers

'No brainer' issuer set to price a seven year bond on Wednesday

◆ French banks paid minimal NIPs at start of 2025 ◆ Pace of issuance began slower than 2024 ◆ Volumes increase as US banks arrive

◆ Views on fair value differed ◆ France syndication ‘the next big test’ ◆ Supra attracts €60bn final book

Borrower shows that triple-B rated names have no problem calling long distance