Euro

European FIG issuers should consider a more disciplined approach to borrowing

◆ €5bn of green tap executed quickly ◆ Syndications over for 2025 ◆ Strong green demand confirmed

◆ CIBC takes large share of the covered bond limelight as market tone improves ◆ SEB returns to euros for the first time in two years ◆ Outcomes likely to attract other issuers, say bankers

◆ Debut deal from Google owner ◆ Combined peak demand hits €31.5bn ◆ Curve steepens by 3bp during book building

◆ TDC Net opens books after marketing last week ◆ Starting spread is widest of any deal for almost a year ◆ Harbour Energy out with junk rated hybrid

◆ Hungarian bank brings subordinated debut ◆ Order book allowed 50bp of spread tightening ◆ Absence of senior deals led to 'some surprise'

◆ Textbook tightening ◆ Stable conditions open up market ◆ 60% of funding expected to come by June

◆ Deals offer pick-up to KfW ◆ Saxony offers 1bp of new issue premium ◆ BayernLabo prices tight

Number of deals set to be priced this month much lower than in previous years

◆ BNPP 'gives the market what it wants' as it raises more with longer, lower ranking tranche ◆ Market receptive to big senior deals ◆ Third French deal in three days

◆ BBB- rated trades come days after investors said they wanted riskier deals ◆ Combined peak demand hits €8.2bn ◆ High orderbook attrition for Aeroporti di Roma’s SLB

Spreads over Treasuries are tight but hope is that ‘others will follow’