Currencies

A deluge of supply is expected once earnings blackout ends

Four out of the six major money center banks boost new year issuance volume at tight spreads

◆ Italian bank increased benchmark size to €750m ◆ Deal expected to perform in secondary ◆ Covered was one of two issued on Thursday

Big demand but no ‘saturation’ just yet even with secondary market wobbling as issuers reward changing hedge fund behaviour

Deals across several tenors on the same day are becoming more common in 2026

Fahy will also lead asset-based finance origination

Direct lending default rates tick higher amid notable distressed situations

◆ Opec Fund grabs record book ◆ NIB hits tight pricing ◆ Tight issuers could run into ‘resistance’

◆ Fourth French bank to print senior bond in euros this week ◆ Tenor becomes more popular as deal garners largest book among compatriots ◆ Priced flat to fair value but with pick-up to core Europe

◆ Attractive yields allow for tight spreads in sterling ◆ Manchester Airport flies in with £300m long 10 year ◆ Further sterling supply could follow

Front end floaters fly for auto names in private placement format

◆ Busy week for euro capital trades ◆ Fair value disputed ◆ 'Yield buyers' running the market, rival banker says