Currencies

◆ Bund-swap spread hits single digits ◆ Tight levels put pressure on Pfandbrief spreads ◆ Further 'expensive' covered supply unlikely

We would welcome your feedback on the outlook for the SSA market

◆ Final terms fixed from the get-go ◆ Second opportunistic dollar trade from the sovereign ◆ Home euro market having ‘terrible day’

Loan to support clean energy transition and increased by nearly a third of the existing facility

Investment grade companies issue €20bn of euro bonds this month

Streak of high-yielding FIG credit attracting ample demand has been broken

◆ Low redemptions led to lower supply in 2024 ◆ Canadian banks could return to refi ◆ Dollar supply to more than double in 2025

◆ Deal meets investor resistance despite higher yield ◆ Offers 'attractive yield' but book drops to just above €750m issue size ◆ German bank to refi early only Landesbank AT1 via tender

The loan is the largest underwritten by banks in Albania

◆ Follows similar attrition Mediobanca experienced on Monday ◆ Rival bankers give mixed assessment ◆ Jyske Bank senior offering holds up better

Company's debt woes has seen its credit rating cut another notch

Investors' wariness around high beta credits is not showing in the primary market