Currencies

◆ Deal is heard more than 12.5 times subscribed despite slim, if any, concession ◆ Investors 'scrambling to get more risk' ◆ New trade precedes 10 year covered bond and follows $3.3bn triple-tranche Yankee

◆ Canadian bank priced the only covered bond on Tuesday ◆ Lead said issuer paid just outside fair value ◆ Sfr325m deal was 'a strong outcome'

◆ Asian Development Bank gets £5.2bn of demand ◆ Some bankers question pricing versus dollars ◆ Digestion of £5bn supply 'warrants watching'

◆ EIB sells customary five year into record demand ◆ ADB brings ‘terrific’ and ‘incredibly strong’ 10 year ◆ More 10 year deals to come still with spread and yield both attractive

Rate increases could be closer than you think

◆PacLife the sole sterling note on the day ◆ Follows two FABN trades on Monday ◆ 'Sensitive' book drops by almost half as leads tighten within 5bp of NY Life's Monday note

Industrials, real estate and telecoms were sectors that saw an uptick in acquisition financings in 2025

Mobimo and Kraftwerke Oberhasli bring green bonds

◆ Two banks launch deals in same tenor and asset class ◆ Danske secures tighter price◆ Nationwide's book 'underwhelms'

◆ New York Life and MetLife hit sterling market ahead of dollar funding ◆ Both sterling deals fare better than simultaneous bank duo ◆ More FABNs likely to follow

◆ Issuer achieves record order book and deal size for new sterling line ◆ Investors eager for SIB label ◆ Callables and Sofr debut eyed

◆ ‘Very rare’ large book for a German sub-sovereign ◆ ‘New year, new levels’ in price discovery ◆ Tuesday’s focus on dollars, but ‘big’ euro mandates expected Wednesday