Euro

◆ BayernLB lands covered at 23bp over mid-swaps ◆ Banker says deal landed at fair value ◆ PBB achieves 'blow-out deal'

◆ Hamburg Commercial Bank prices with 0bp-1bp of NIP ◆ Crédito Agrícola attracts €2.7bn of orders for debut benchmark deal ◆ Erste Bank Hungary offers CEE pickup

Sovereign keeps to tenor rotation and 15 year proves 'a good fit' in current market

Issuers get flexible on duration as geopolitical uncertainty flares up

◆ Capital issuance unleashed after geopolitics-powered sentiment boost ◆ Both issuers print tier two bonds with no new issue premiums ◆ Issuers' wider spreads to national champions worked in their favour

◆ Trade achieves strong tightening ◆ Investors keen to buy first BPPE deal in four years ◆ Real estate paper popular purchase in 2026

◆ Belgian bank's largest book since at least 2020 ◆ Issuer's first deal to be compliant with the EuGB standard ◆ NIP debated

◆ Small deal, big book, limited NIP ◆ Spreads much tighter than before ◆ ‘Strong macro and fiscal results’ boost investor confidence

◆ Backdrop improves for sovereign’s deal ◆ Strong book allows for more tightening ◆ ’Very broad engagement’ from investors a ‘nice thing to see’

◆ Covered was first from issuer since October 2025 ◆ Spread chosen to retain quality of order book ◆ Pipeline update

◆ WI Bank tests 10 year appetite ◆ Spread versus Hesse considered ◆ Mecklenburg-Western Pomerania goes 'close to bone'

◆ Sovereign refreshes 15 year curve ◆ Biggest book ever for this tenor ◆ 'Very tight' premium paid, curve stability observed