Currencies

Missile alert stunted flow, but pricing still the main barrier

Pair bring first public non-bank deals from GCC since the start of the Iran War

Estonian sovereign outing its first under local law

◆ Mercedes-Benz prints its first euro public deal of 2026 ◆ Traton's debut green bond pays small NIP ◆ Both issuers tapped euro private placements this year

Dollar and euro flow picks up in private placements

◆ Aerospace firm ends near six year euro market absence ◆ Books soar for seven year deal ◆ Trade lands close to fair value

◆ Several market currents support new long five years ◆ UniCredit GmbH achieves larger size close to fair value ◆ CRH pushes annual covered funding to €3.15bn

◆ Both deals garner strong demand despite heavy issuance ◆ ANZ diversifies capital away from Aussie and US funding markets ◆ Uniqa tenders old bond with its largest capital sale in at least six years

◆ Eurofima made rare visit to euro four year conventional curve ◆ New issue premium estimated ◆ Region Wallonne grabs solid order book

◆ HSBC brings €3.25bn of funding across three tranches ◆ Lloyds opts for €750m single tranche before UK local elections ◆ Heavy euro FIG issuance as possible Iran deal announced

◆ Deals attract 8.4 times coverage ratio ◆ Strong tailwinds drive Unicaja through pre-deal announcement fair value ◆ Helaba debuts public AT1 as it optimises capital stack

◆ Only 4bp paid over theoretical new KfW ◆ Länder bonds continued to be seen as expensive ◆ Will bank treasuries switch to EIB from Länder?