Euro

◆ Spain adds a new sustainable issuer ◆ No-grow deal was well oversubscribed ◆ Another European sub-sovereign next up

◆ Small books do not mean small deals ◆ Norwegian trade lands tight to Pfandbriefe ◆ Next to no premium paid

◆ Storied real estate company opens books after ratings downgrade ◆ New issue concession in the low single digits ◆ Investors keen to buy cyclical names

◆ Deal is the first Austrian benchmark since January ◆ Slim premium paid ◆ Austrian supply down due to lower loan growth

Volumes suffered in April amid US president Donald Trump's tariff trade war

Favourable factors support long dated issuance in both senior and covered bonds despite the divergent fates of issuers in the two markets

◆ UK issuer makes swift euro return ◆ NIP much lower than US banks paid ◆ Big subscription reflects investor uncertainty

◆ Less frequent and smaller Europeans return after Iccrea reopening ◆ Latest sub-benchmark Austrian deal adds issuer diversity ◆ CCF meets annual funding need

Lenders in Nordics say there is pressure to sign deals before 90 day US tariff reprieve ends

Fiserv and Visa print across the curve with more tipped to come

◆ Similar trades clash on the same day ◆ New Zealand bank finds it more challenging to attract orders despite paying higher spread and new issue premium ◆ Swedbank lands deal with similar concession than recent French senior paper

◆ 'Helpful messaging' matters ◆ Attrition rate higher than recent tier twos ◆ Some saw negative concession