Currencies

First Canadian province to visit euros in 2026

◆ Hedge funds dominated when book opened ◆ High quality accounts arrived later ◆ New issue concession estimated

◆ UK lender stays patient for volatility to subside before commencing unsecured euro funding ◆ Investors show strong support for both tranches ◆ Pricing at fair value, though some debate on longer leg

Global investors are turning to European private credit

◆ UK issuer looks for funding in euros ◆ Demand peaks above €4.3bn ◆ Orderbook attrition returns as spread tightened

◆ US dollar benchmark had been slated for later in Q1 ◆ 10 year tenor also considered ◆ Hedge funds allocated more than in some SSA peer deals

◆ New 20 year Bund launched into popular demand ◆ Is 20 years the new 30 years for EGBs? ◆ Fair value in debate

◆ Good capital issuance window for smaller UK financial institutions ◆ Both use liability management to refi ahead of calls ◆ Close Brothers paying hefty coupon due to heavier motor finance exposure

◆ Terna sets new senior/sub spread record ◆ Aroundtown lands flat to secondary ◆ Investors are hungry for high yielding paper

◆ Deal lost €900m of orders on reoffer ◆ 1bp-2bp of new issue concession ◆ Senior preferred spreads 'super tight' versus covered, says lead manager

◆ Supra back for second round of funding ◆ Tried-and-tested pricing approach adopted again ◆ Bond already performing strongly

◆ Cautious start after spreads moved around ◆ KfW's spread tightens, but Länder unmoved ◆ ‘Real’ Länder-KfW spread yet to be established