Currencies

◆ Praemia refis at a tighter coupon ◆ Schneider lands tight at the short end ◆ Minimal concessions needed

SSA issuers extend their hot run in the private market, crowding into the short end of the curve

ESG covered bonds are growing but some issuers are reluctant to engage

Fund established through a credit secondary sale focuses on senior secured loans for European private equity and corporate-backed businesses

◆ Inaugural deal almost seven times covered ◆ Unrated paper rare but still in demand ◆ Wide range of media comps used

◆ Both issuers advance 2026 funding plans ◆ LBP issues its first senior bond of the year ◆ Danske prints 20bp tighter than similar May deal

◆ Playing for size at 'defensive' tenor ◆ Some concession paid ◆ Better to print now than in 'crowded' January

◆ First euro benchmark for Poste since 2021 ◆ 35bp move from IPTs beats 2025 average ◆ Moody's upgrades long-term issuer rating this week

◆ More foreign capital deals in Australian dollars are 'definitely' expected next year ◆ Offshore issuance to institutional investors preferred ◆ BNPP make substantial savings versus US dollar levels

◆ Dutch bank prices at 34bp, tighter than earlier deals ◆ Order book of €1.9bn, nearly four times the size

◆ Both issuers advance 2026 funding plans ◆ LBP issues its first senior bond of the year ◆ Danske prints 20bp tighter than similar May deal

Green lending ramps up in part due to data centre growth, but volume still much smaller than SLLs