Euro

Dollar and euro flow picks up in private placements

◆ Aerospace firm ends near six year euro market absence ◆ Books soar for seven year deal ◆ Trade lands close to fair value

◆ Several market currents support new long five years ◆ UniCredit GmbH achieves larger size close to fair value ◆ CRH pushes annual covered funding to €3.15bn

◆ Both deals garner strong demand despite heavy issuance ◆ ANZ diversifies capital away from Aussie and US funding markets ◆ Uniqa tenders old bond with its largest capital sale in at least six years

◆ Eurofima made rare visit to euro four year conventional curve ◆ New issue premium estimated ◆ Region Wallonne grabs solid order book

◆ HSBC brings €3.25bn of funding across three tranches ◆ Lloyds opts for €750m single tranche before UK local elections ◆ Heavy euro FIG issuance as possible Iran deal announced

◆ Deals attract 8.4 times coverage ratio ◆ Strong tailwinds drive Unicaja through pre-deal announcement fair value ◆ Helaba debuts public AT1 as it optimises capital stack

◆ Only 4bp paid over theoretical new KfW ◆ Länder bonds continued to be seen as expensive ◆ Will bank treasuries switch to EIB from Länder?

◆ Sovereign serves up first 30 year SSA deal in two months ◆ Cost-sensitive issuer opts for limited size ◆ Very small NIP, even by German standards

◆ Schaeffler attracts €5.8bn peak book… ◆ …while SPIE finds €2.8bn of orders ◆ Strong demand allows for strong price moves

◆ Brewery group brings unusual 1,000 year maturity ◆ Yield pick-up draws bumper books across both tranches ◆ Tender offers also announced

◆ Booking raises €1.9bn across three legs ◆ Amphenol prints €1.1bn dual trancher ◆ Both deals land near fair value