Euro
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◆ Demand peaks at 3.3 times the deal size ◆ Spread tightened by 30bp ◆ Final deal size at the upper end of expectations -
Green and social, dollar and euro all on the menu
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German government will spend €108bn on military next year
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Bloc finishes 2025 bond issuance at €153bn, H1 2026 funding plan moves into focus
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◆ Spread tightened sharply from IPTs ◆ Small new issue premium paid ◆ Tenders for four hybrids also issued
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Several investment grade companies have issued sizeable Schuldscheine this year
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Markets adjust to bumpy French political landscape as it mimics past Italian wobbles
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◆ Fourth French bank senior deal in a row this week ◆ Smaller issuer times execution to follow bigger banks' prints ◆ Arkéa's third senior preferred deal of 2025 is prefunding
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Despite next year's funding needs remain limited to around €8bn, the sovereign is confident its positive story will help its spreads maintain their outperformance
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◆ Praemia refis at a tighter coupon ◆ Schneider lands tight at the short end ◆ Minimal concessions needed
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SSA issuers extend their hot run in the private market, crowding into the short end of the curve
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ESG covered bonds are growing but some issuers are reluctant to engage
