EMEA
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Bloc finishes 2025 bond issuance at €153bn, H1 2026 funding plan moves into focus -
◆ First deal in sterling since UK budget ◆ Book falls as deal prices tighten ◆ More sterling supply expected before Christmas
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◆ Spread tightened sharply from IPTs ◆ Small new issue premium paid ◆ Tenders for four hybrids also issued
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Deutsche moved from 1.5% to 1% bucket ◆ "Direct impact" on Deutsche's leverage ratio ◆ Two banks upgraded
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◆ UK government guns for growth but did it miss? ◆ French fancy: FIG in favour again ◆ Pandas and Wontons with the AIIB
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Several investment grade companies have issued sizeable Schuldscheine this year
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Markets adjust to bumpy French political landscape as it mimics past Italian wobbles
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Company's relationship banks provided the funding
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Light opportunistic dusting expected, but prohibitive pricing to put off non-sterling funders
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Steeper curves cloud long-dated issuance for next year, with reordering of relative value pecking order to persist
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◆ Fourth French bank senior deal in a row this week ◆ Smaller issuer times execution to follow bigger banks' prints ◆ Arkéa's third senior preferred deal of 2025 is prefunding
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Despite next year's funding needs remain limited to around €8bn, the sovereign is confident its positive story will help its spreads maintain their outperformance
