Euro
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◆ Solid book even though size not comparable to January ◆ Investor demand remains 'pretty robust' as June starts ◆ Maximum of 1bp premium paid -
◆ Spanish lender returns to unsecured issuance after three years ◆ Spanish banks are seizing a favourable funding environment ◆ Concession paid to keep selective investors interested
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◆ Market conditions worsened in afternoon ◆ Deal priced flat to fair value with minimal attrition ◆ Bucks NIP trend from recent deals
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◆ Issuer brings September deal forward after rates rally ◆ Book unexpectedly shrinks, is pricing fair or too tight? ◆ Deal still hit targets, money saved for taxpayers
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Scarcity value to overshadow sectoral concerns
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◆ Peak demand tops €3.65bn ◆ Orders stick after 37bp tightening ◆ Deal lands close to fair value
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◆ Book grew after pricing tightened ◆ Issuer's first capital trade in two years ◆ Premium paid
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◆ Head of treasury's Tiemo Wesseling on euro 2026 debut ◆ Fair value and greenium estimated ◆ Back-loaded funding programme
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Investors seek structured and vanilla FRNs from credit and SSA issuers amid sharp rate fluctuations
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Issuer to focus on auctions and foreign currency opportunities including dollars and Swiss francs
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Dutch agency blows past halfway point in funding task, will stay active in non-benchmark issuance over the summer
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Less frequent issuers making the most of market with strong bid for yieldy assets
