Currencies

Strong conditions and looming US tariff deadline set to lure more issuers next week

◆ Spanish bank prints senior bond duo with no new issue premium ◆ Ten year tranche may have had negative concession ◆ FRNs remain popular, in public and private forms

◆ Investors eager to buy capital from big and smaller banks ◆ Bankinter places largest AT1 at reset under 400bp ◆ Much smaller Optima bank from Greece also debuts

◆ Deal is Achmea's second in five weeks ◆ Investors eager to pick up no-grow deal ◆ Small premium left for performance

◆ Trade is Polish bank's first in euros for three years ◆ Proceeds to fund upcoming maturity ◆ Periphery and non-eurozone deals used for pricing

Market in 'a process to find the new and appropriate levels', observes issuer

◆ Hyundai’s US arm drums up blowout response in euros ◆ Telefónica rings in solid trade ◆ SEB proves unrated spreads can be modest

◆ Speculative interest anticipated ◆ Geopolitical tensions make little dent ◆ 15 year sweet spot for Dutch pension funds

White House mis-steps have raised hopes the euro can supplant the dollar

◆ Italian bank prints €1bn in first tier two since January 2024 ◆ Demand for higher yielding deals outweighs Middle East escalation ◆ Other new financial issuers of capital line up deals

◆ Deal attracts strong real money demand ◆ Minimal drops as accounts stick with price move ◆ Low single digit premium needed

◆ Hybrids fight for attention alongside SLBs and green bonds ◆ Books remain well subscribed ◆ But pressure is building for market sentiment to sharply turn