Euro

◆ SSA pair go head-to-head in rare move in euro 10 years ◆ 'Not the norm', but made little difference ◆ Both deals very large and popular with investors

◆ Bankers see European FIG market at near perfection ◆ BBVA extends curve though pays more for 10 year non-preferred foray ◆ UBS goes big in belly and long end at minimal concession

◆ 2026's first euro capital trades from insurance companies ◆ Pair attract more than €5bn of orders ◆ Minimal or even negative concession paid

Sectors shape up as main sources of corporate syndicated lending demand amid renewed geopolitical uncertainty

◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche ◆ Both tranches priced close to fair value

◆ Both deal and book sizes break records ◆ 'Normal' pricing approach and NIP paid ◆ Portugal, Italy next up

◆ Deal attracts €5.5bn of orders ◆ Big book enables issuer to take size ◆ Price included minimal concession

◆ Deal is heard more than 12.5 times subscribed despite slim, if any, concession ◆ Investors 'scrambling to get more risk' ◆ New trade precedes 10 year covered bond and follows $3.3bn triple-tranche Yankee

Rate increases could be closer than you think

Industrials, real estate and telecoms were sectors that saw an uptick in acquisition financings in 2025

◆ ‘Very rare’ large book for a German sub-sovereign ◆ ‘New year, new levels’ in price discovery ◆ Tuesday’s focus on dollars, but ‘big’ euro mandates expected Wednesday

◆ First senior preferred trade in a month ◆ Santander extends its SP curve ◆ Slim premium on both tranches