Euro

◆ Capital trade attracts investors for juicy return in tight market ◆ Slightly longer 11NC6 structure chosen for triple digit spread and 4%-plus yield ◆ Deal cleared at low single digit concession

Analysts discuss the scope of tightening in Bund swap spreads and the impact on SSA spreads

OATs and OLOs could weaken further versus Bunds while southern European countries and EU continue to paint a positive picture

The single currency stands out as the most attractive funding source while the US dollar market remains open in size

Uncertainty looms large as presidential race far from clear and budget negotiations potentially ‘highly challenging’

Potential for a November hyperscaler flurry could squeeze euro pipeline

Financial institutions triple issuance in the currency this year, while corporates make greater use of euro and sterling taps

Benchmarks in core, non-core markets and social label are on the menu in coming months

Euro credit spreads move tighter as lone corporate deal shows appetite amid the lull

Primary Market Monitor data shows how far SSA duration has shrunk since 2022, and where it is growing

◆ 12 year bond surprises bankers with strong demand ◆ Orders fall as pricing tightens ◆ Deal lands close to fair value

Secondary spreads suggest the market is ready to take on new deals, but bankers predict issuers reopening unsecured market will need to pay up