Euro

ECA-backed deal comes after AFC raises $2bn to fund infrastructure development

◆ Both tranches well received ◆ Improvement on 'weak' Achmea deal from last weak, rival banker says ◆ Fair value debated

◆ French bank returns after January amid scarcity for senior debt ◆ Investors like what they see as there is no book attrition ◆ Seven year tenor lures broader appetite

◆ Pair of real estate borrowers print four euro tranches ◆ Vonovia draws strongest demand on shortest leg of €2bn three-part trade ◆ Realty Income pays small concession on €600m outing

Smaller orders, missing hedge fund bids as market exits ‘white-hot’ phase and soon to switch to holiday mode

A very different 2026 for Gulf issuance has altered league tables

Banks are well advanced with funding, but spreads could encourage pre-funding of subordinated capital

◆ State’s pre-summer deal attracts €2bn book ◆ Maybe only one more deal to come on reduced needs ◆ 2bp NIP to start as issuer tries to ‘be fair to the market’

◆ Pair more than 3.5 times covered at final terms ◆ Suez lands flat, Air France pays up ◆ Airline paper performs in secondary

◆ French issuer prints two year floater and 7.4 year bond ◆ 'Tightest' pricing on a FRN since US-Iran war began ◆ No concession needed to print

◆ French utility returns a week after A$1.25bn debut ◆ Six year tranche pulls stronger demand than 12 year ◆ Both legs land close to fair value

Head of funding Jochen Schader says strong promotional lending has pushed the 2026 target above €15bn, as the agency caps its dollar programme before the summer