Currencies

◆ Bankers see European FIG market at near perfection ◆ BBVA extends curve though pays more for 10 year non-preferred foray ◆ UBS goes big in belly and long end at minimal concession

◆ Duo adds to ADB and DBJ 10 years from Tuesday ◆ Good sizes and quality books for both ◆ $7bn long-dated dollar bonds already sold, CAF still to come

◆ 2026's first euro capital trades from insurance companies ◆ Pair attract more than €5bn of orders ◆ Minimal or even negative concession paid

Sectors shape up as main sources of corporate syndicated lending demand amid renewed geopolitical uncertainty

◆ Cades and IADB both print July 2031 lines ◆ Secondary performance shows investor appetite ◆ Order books lower than earlier this week

◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche ◆ Both tranches priced close to fair value

◆ Both deal and book sizes break records ◆ 'Normal' pricing approach and NIP paid ◆ Portugal, Italy next up

◆ British building society places first sterling covered of 2026 ◆ Order book surpasses £3bn ◆ First tranche hit fair value, second offered 2bp premium

◆ Deal attracts €5.5bn of orders ◆ Big book enables issuer to take size ◆ Price included minimal concession

◆ 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'