Euro

More steepening expected for both govvie and swap curves for rest of 2025 as crucial date for Dutch pension reform draws near

New issue premiums to be small or negative

Core Europe to lead the charge but without German issuers

◆ Bank issues two deals a day after record earnings ◆ Week's fourth euro tier two ends with largest demand ◆ Earlier senior bond achieves highest-ever book for an Australian dollar credit trade

Short dated vanilla paper led the flow in dollars and euros this week, with local currency clips adding breadth

SLL issuance is down this year but the decrease has narrowed, helped by June and July issuance

Large new issue premiums 'not needed' as secondary spreads keep tightening

Belly of the curve likely to be most active, but anything from three to 10 years is doable

After two weeks of snoozing, the market is about to kick off its boots and get running

◆ Dutch bank acts more generously than earlier Nordic duo ◆ Deal offers higher absolute spread and new issue premium ◆ Investors like what they see and keep increasing orders

HQLA investors have reallocated away from covered and into SSAs

◆ Fast money acts quick ◆ Bank treasuries weigh ASW levels ◆ 'Real market opener' still awaited