Euro

◆ New deal becomes longest issued by a Canadian bank since 2020 in both euros and sterling ◆ Provides clear arb to US dollars ◆ Bolsters TD's funding spree in Aussie, Canadian and US dollars

◆ Swiss food giant issues eight and 13 year notes ◆ Last Nestlé's euro issuance for 2025 ◆ Inmobiliaria Colonial adds €800m green deal

◆ First Finnish tier one FIG capital public sale in euros since at least 2020 ◆ Insurer to redeem tier two capital early ◆ First euro RT1 since July

◆ Issuer's second largest book ever ◆ Last benchmark of year ◆ Average NIP has shrunk this year

◆ Priced over Austrian govvies ◆ Scarcity and business model help demand ◆ Saskatchewan targets 10 year

Some deals struggled to get covered, but overall subscription ratio has been high

◆ Simultaneous tenders power new capital offerings ◆ Caixa issues tight and longer AT1 structured to refinance old capital early ◆ Permanent TSB's first tier two in more than four years ends in a blowout

◆ CBRE’s debut green tightens over 40bp ◆ Prologis €1bn dual tranche prints with negative concession ◆ Corporate issuers front-load ahead of Fed meeting

Downgrade 'pretty much priced in' for French bank and covered paper

◆ Eager investors help book building momentum from early on ◆ UniCredit lands third non-preferred tranche of 2025 inside fair value, say leads ◆ Even ABN's lower-yielding green senior preferred comes near FV

Rating changes to EFSF, French agencies yet to come, impact expected to be minimal

Demand supported by resurgent asset manager bid