Euro

◆ Sovereign gets ahead of uncertainty in H2 ◆ Larger size raised off strong demand ◆ Bigger curve reaction this time neutralised by pricing

◆ Issuer's first trade of 2026 ◆ Premium paid as 'investors not chasing everything' ◆ First SP from a Spanish bank since February

◆ Reinsurer latest in string of insurance tier two offerings ◆ Comes with tender offers on two outstanding bonds ◆ Investors show 'discipline' on pricing

◆ Investos flock to RELX despite AI noise ◆ Demand allows for low single digit NIP ◆ Sticky books for Smith & Nephew

◆ Third benchmark as Unédic tackles big funding task ◆ Single-digit spread over OAT paid for 15 year ◆ BNG joins SSA peers in seven year euros, NWB up next

◆ Sovereign takes home another €13bn syndication ◆ Growing demand for public sector bonds confirmed again ◆ Little new issue premium paid

◆ Gecina brings no-grow €500m green bond ◆ Green issuance volumes rise 37% year on year ◆ Carrefour pays small concession on €750m trade

◆ Issuer pre-empts busy pipeline ◆ NIP estimated ◆ 'Very large' bank treasury among new buyers

◆ Italian utility prints no-grow €500m six year ◆ Final demand fell 41.7% from peak ◆ Deal landed close to fair value

◆ Spanish lender prints larger bond at a tighter spread than state-owned French peer ◆ Rarer in the non-preferred asset class than La Banque Postale ◆ Bankinter's deal also a green bond

◆ Italian bank's first benchmark euro trade since 2023 ◆ 40% of orders withdrawn after price revision ◆ Heavy interest from ESG accounts

◆ Insurance companies go head-to head in 'constructive' window ◆ Axa pays small premium ◆ Generali focuses on tight pricing