Euro

Sovereign keeps to tenor rotation and 15 year proves 'a good fit' in current market

Issuers get flexible on duration as geopolitical uncertainty flares up

◆ Capital issuance unleashed after geopolitics-powered sentiment boost ◆ Both issuers print tier two bonds with no new issue premiums ◆ Issuers' wider spreads to national champions worked in their favour

◆ Trade achieves strong tightening ◆ Investors keen to buy first BPPE deal in four years ◆ Real estate paper popular purchase in 2026

◆ Belgian bank's largest book since at least 2020 ◆ Issuer's first deal to be compliant with the EuGB standard ◆ NIP debated

◆ Small deal, big book, limited NIP ◆ Spreads much tighter than before ◆ ‘Strong macro and fiscal results’ boost investor confidence

◆ Backdrop improves for sovereign’s deal ◆ Strong book allows for more tightening ◆ ’Very broad engagement’ from investors a ‘nice thing to see’

◆ Covered was first from issuer since October 2025 ◆ Spread chosen to retain quality of order book ◆ Pipeline update

◆ WI Bank tests 10 year appetite ◆ Spread versus Hesse considered ◆ Mecklenburg-Western Pomerania goes 'close to bone'

◆ Sovereign refreshes 15 year curve ◆ Biggest book ever for this tenor ◆ 'Very tight' premium paid, curve stability observed

◆ Munich-based firm prints €2.3bn ◆ Autos start 2026 with strong demand ◆ Deal solid despite equity weakness

◆ Joint largest US bank deal in euros in at least five years ◆ More than twice subscribed ◆ Heightened premium compared to dollar funding