Currencies

◆ French bank finds window between market reopening and potential heightened new supply next week ◆ Five and 10 year senior preferred tranches its first in euros this year ◆ Longer one outperforms in both demand and pricing

◆ Tightens 1bp and takes $750m ◆ Bankers still waiting for fixed rate benchmark ◆ Sterling issuance in play

Issuer finishes raising €4bn for this year after 'very different execution', with more — maybe longer — supply to come

Being ‘flexible and fast’ proves key for public sector issuers amid uncertain market backdrop

Direct lenders take the initiative as banks step back

◆ BofA taps market with a perp in post-earnings appearance ◆ Varied issuance from US and Japanese insurers ◆ Citi the only large US bank not to have issued in dollars after quarterly results

Pipeline still bottled up but deals could flow once first issuers shake themselves out

Big name needed to shock pipeline back to life, according to bankers

Improving sentiment lures retail giant but issuer opts for short end

As tariff storm eases, buyers grow more willing to move down the credit curve

◆ Nordea and CM Arkéa resume European senior funding absent since 'Liberation Day' ◆ Nordea likely to serve as floor for spreads in current market ◆ Arkéa goes slightly longer in its first deal of the year

◆ Undersupplied insurance sector lures buyers ◆ Bankers debate best comparables ◆ AT1 market reopens (sort of)