Euro
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◆ Spread versus peers has been compressing ◆ Pricing close to fair value ◆ ADB used as main comparable -
Total €11bn already raised so far as issuer enjoys greater execution flexibility
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◆ Telecoms firm takes €1.5bn ◆ Some premium needed at the long end ◆ Demand highest for shortest tranche
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◆ Small NIP enough to attract strong bid for long tranche ◆ Investors get selective amid volatility ◆ Commerz fills out its curve with two points
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◆ 'Tight and attractive valuations' for raising tier two capital ◆ Trade follows ratings upgrade ◆ 5bp of concession
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◆ Japanese firm guides debut euro deal tight ◆ Endeavour attracts strong demand ◆ Sales follow multi-day marketing exercises
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◆ Sovereign not appeared in long-end since 2024 ◆ Pricing close to fair value and to EU ◆ 'Very supportive story' around Spain
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◆ Issuer returns to EuGB label ◆ €4bn trade bigger than last year's debut ◆ 'Very positive' and 'very successful' exercise
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◆ Issuer already raised €7bn in January ◆ More advanced funding progress than last year ◆ Textbook approach to pricing
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Geopolitics takes a back seat as earnings season weighs on euro corporate supply
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Issuance across euros and dollars is set to rise
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◆ EuGB label attracts second French agency ◆ Tight pricing to existing secondaries ◆ Label, no-grow language and marketing all help
