Currencies

◆ Sovereign serves up first 30 year SSA deal in two months ◆ Cost-sensitive issuer opts for limited size ◆ Very small NIP, even by German standards

◆ Schaeffler attracts €5.8bn peak book… ◆ …while SPIE finds €2.8bn of orders ◆ Strong demand allows for strong price moves

◆ Brewery group brings unusual 1,000 year maturity ◆ Yield pick-up draws bumper books across both tranches ◆ Tender offers also announced

◆ Booking raises €1.9bn across three legs ◆ Amphenol prints €1.1bn dual trancher ◆ Both deals land near fair value

Reframing inflation might produce a more palatable number but is not always a great idea

◆ UK bank uses the first issuance window after earnings, central bank meetings and holidays ◆ Deal coincides with busy euro credit market ◆ Barclays attracts attention with relevant new issue concession

◆ Dutch bank goes 'head to head' with Alphabet in euros ◆ Brings its longest ever opco tranche ◆ Book skewed towards two year FRN

◆ Pricing was tricky after Hamburg’s recent five year ◆ Is 7bp the new magic number for Länder? ◆ Five year demand lacking, Thuringia to test 10 year

◆ Issuer punches through 200bp ◆ Some concession still needed ◆ First domestic sterling deal in almost two weeks

◆ General Motors brings dual currency trade ◆ Ford ups size on 5.2 year euro bond ◆ Both print euro tranches inside dollar curve

◆ Fourth largest deal from any corporate in euros ◆ Concession needed to lock in size ◆ Marketed alongside debut Canadian dollar trade

Maxima and České dráhy are prepping euro notes