Currencies

◆ Bond tightens in grey market after record Treasury level ◆ Goldilocks scenario drew investors ◆ Canadian SSAs back in dollars

◆ German state brings third deal of 2026 ◆ Investors appeared ‘insecure’, extra spread to KfW needed ◆ Minimal NIP paid, size target reached

◆ Issuer’s first EuGB hybrid 10 times covered at peak ◆ Tight senior/sub spreads attractive for issuers... ◆ ...while solid yields entice investors

◆ US bank raises close to €2bn-equivalent in tier two debt ◆ Issuer attracts lots of attention and orders ◆ Market participants praise 'cool' deal

◆ Close or through fair value ◆ Favourable cross-currency dynamics ◆ Investors choosing maturity over credit

◆ State development bank brings year’s first euro deal ◆ Long-end levels attract yield buyers ◆ ‘Encouraging’ signal for duration demand

◆ Canadian retail chain lands euro bond close to equivalent dollars ◆ Some concession needed for first new euro line in two years ◆ Minimal attrition as issuer pushes through 100bp barrier

◆ Peak demand tops 10 times oversubscribed ◆ ‘Widest’ senior corporate spread of the day helps books swell ◆ Negative new issue premium spotted

◆ Sophomore sale attracts greater demand ◆ Some concession needed for larger than expected print ◆ New deal extends hybrid curve

◆ Dutch lender breaks Nykredit's s all-time low reset spread before the Iran war ◆ AT1 is 'rare gem' amid Rabo's capital reduction ◆ Significant market improvement sees BNPP stretching to dollar NC10 AT1

◆ MUFG prints €500m holdco senior flat to fair value ◆ Its rarity compared to to megabank compatriots works in its favour ◆ Investec returns for first time in more than a year

◆ Tight level to US Treasuries and record book ◆ Market gets the 'tier one' name it needed ◆ Momentum builds for more SSA dollar issuance