Euro

◆ AT1 volumes reach €5.5bn-equivalent since post-tariff reopening ◆ KBC pays premium for larger size ◆ BPM benefits from takeover tightening

◆ Sovereign back again after 2024 return ◆ Record book for a conventional deal ◆ ‘Limited NIP' thanks to strong growth, rarity value

◆ UK insurer makes rare visit to euros ◆ Signs of growing investor discipline ◆ Groupama tier two was 'good trade'

Three year maturity fills important funding gap for highly rated names, say lenders

◆ IG corporates pour into market ◆ Little sign of fatigue despite range of trades on offer ◆ EDP and Kering hit euros and RAC gets blowout response in sterling

◆ British Columbia and Paris print 15 years ◆ Ico tests tight spread versus Spanish govvie ◆ IDA brings rare euro five year

◆ Novo Nordisk brings €6bn trade days after CEO leaves ◆ Tranches priced with similar premiums ◆ No sign of investor fatigue for jumbo corporate trades

◆ Italian bank raises €1bn after a similar euro pair last week ◆ Year-to-date euro AT1 new issuance volume is almost a quarter higher than 2024 ◆ Deal completed with minimal new issue premium

◆ Second phase could be novation of ESM's €74bn existing portfolio ◆ Dealers eye Eurex-LCH CCP basis ◆ Eurex reports 'significant onboarding' from investors ahead of Emir deadline

New research from Oxford University and Pemberton suggests once-niche financing is getting a stronger foothold

◆ Third benchmark trade from Luxembourg-based supra this year ◆ Govvie yields higher after US downgrade but issuer undeterred ◆ Execution was quick and typical

Company calls on its relationship banks to bump up the size of its RCF