Currencies

◆ Telefónica started 25bp tighter despite lower rating ◆ Both deals increased on bulging demand ◆ Spreads land close to fair value

Volume of SSA dollar issuance drops but duration increases

German sovereign goes for conventional over green as smaller peers join a crowded Tuesday

Northern Ireland issuer plans to visit the long end

◆ Leads increase deal size due to demand ◆ Book kept growing after reoffer tightened ◆ Gap between Greek and Italian spreads shrinking, says rival banker

◆ Issuer nearly halves funding cost from April 2024 capital debut... ◆... close to larger competitors' spreads ◆ New deal strengthens its bail-in debt layer and ratings

◆ Three European lenders hit a busy Friday market with senior bonds ◆ OP Corporate Bank prints the largest of these in a two-part dual-format structure ◆ Once-a-year issuer Iccrea Banca lands at sub-100bp

Issuer braves market volatility to move ahead alone ahead of competing supply, achieving largest unsecured book

Investors proved eager to pick up the first CEE corporate bond in euros of 2026

◆ Deal follows new regime for UK water companies ◆ Strong bid helps secure tiny NIP ◆ Outcome could tempt others to follow

Sovereign explains why the ‘niche’ EGB issuer is growing more attractive

European Investment Bank brings most duration