Euro

◆ Issuer moves swiftly to fund hours after posting quarterly earnings ◆ Deal sets tightest multi-year spread record ◆ Tight deal attracts 'broad-based demand' ahead of likely peer issuance

Wider currency mix helped meet demand for high grade paper with attractive yields from the region

◆ First deal from regions and agencies in Spain this year ◆ Bond lands just 4bp over Bonos ◆ How far can Spanish SSAs go from here?

◆ First public bond from French insurance and savings manager ◆ Wider spread than major issuers' tier two levels secures big move from IPTs ◆ Demand close to €6bn

◆ Spanish entity hits market with tight, opportunistic trade ◆ Some attrition as deal priced through inflection point ◆ Trade lands through fair value

◆ Second euro social bond this year ◆ Book continued to grow between guidance and allocation ◆ Spread tightens 33bp to land near fair value

First Canadian province to visit euros in 2026

◆ Hedge funds dominated when book opened ◆ High quality accounts arrived later ◆ New issue concession estimated

◆ UK lender stays patient for volatility to subside before commencing unsecured euro funding ◆ Investors show strong support for both tranches ◆ Pricing at fair value, though some debate on longer leg

Global investors are turning to European private credit

◆ UK issuer looks for funding in euros ◆ Demand peaks above €4.3bn ◆ Orderbook attrition returns as spread tightened

◆ New 20 year Bund launched into popular demand ◆ Is 20 years the new 30 years for EGBs? ◆ Fair value in debate