Euro

◆ Timing was everything ◆ Tight NIP on complex fair value ◆ Size and price discipline

◆ Euro benchmark deal fixed at €1.5bn ◆ Banker said new issue premiums down slightly ◆ Lead managers picked comps at 23bp over mid-swaps

◆ Belgian bank captures strong investor commitment ahead of US deadline for Iran ◆ Execution completed in tight, fast-changing window ◆ New deal lands 10bp wider than its previous SNP with a similar concession

Volatile markets and a backlog of deals could push premiums higher

Issuer nearly 40% funded for the year with three more deals potentially still to come

Reports of 'some backlog' of SSA deals from March due to volatility

No corporate deals emerge as markets wait for Trump's time limit on Iran to pass

As the Middle East war shakes bond markets, non-sovereign public sector issuers are proving their safe haven status

After nearly barren week, issuance could return after Easter but all depends on headlines

◆ German state executes intraday trade ◆ Tenor near ‘sweet spot’ on euro curve ◆ Fair value only ‘theoretical’ in current market

◆ Dutch issuer brings new euro benchmark at last, with social label ◆ Most recent euro line opened over 10 months ago ◆ Peers' bonds helpful to pricing given BNG's absence

◆ Issuer brings second €500m bond ◆ Still a new name but pricing 'not too contentious' ◆ No intention to squeeze