Currencies

◆ Peak book the largest for an IG corporate in sterling since early November ◆ Issuer takes size at a tight spread ◆ Wide range of fair values spotted

◆ First deal from regions and agencies in Spain this year ◆ Bond lands just 4bp over Bonos ◆ How far can Spanish SSAs go from here?

◆ First public bond from French insurance and savings manager ◆ Wider spread than major issuers' tier two levels secures big move from IPTs ◆ Demand close to €6bn

◆ CDC's Thibaud Grimard on dollar comeback ◆ issuer eyes Swiss franc and yen markets ◆ AFD makes it three in dollars

◆ Spanish entity hits market with tight, opportunistic trade ◆ Some attrition as deal priced through inflection point ◆ Trade lands through fair value

◆ Second euro social bond this year ◆ Book continued to grow between guidance and allocation ◆ Spread tightens 33bp to land near fair value

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