Euro

◆ 2026's first euro capital trades from insurance companies ◆ Pair attract more than €5bn of orders ◆ Minimal or even negative concession paid

Sectors shape up as main sources of corporate syndicated lending demand amid renewed geopolitical uncertainty

◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche ◆ Both tranches priced close to fair value

◆ Both deal and book sizes break records ◆ 'Normal' pricing approach and NIP paid ◆ Portugal, Italy next up

◆ Deal attracts €5.5bn of orders ◆ Big book enables issuer to take size ◆ Price included minimal concession

◆ Deal is heard more than 12.5 times subscribed despite slim, if any, concession ◆ Investors 'scrambling to get more risk' ◆ New trade precedes 10 year covered bond and follows $3.3bn triple-tranche Yankee

Rate increases could be closer than you think

Industrials, real estate and telecoms were sectors that saw an uptick in acquisition financings in 2025

◆ ‘Very rare’ large book for a German sub-sovereign ◆ ‘New year, new levels’ in price discovery ◆ Tuesday’s focus on dollars, but ‘big’ euro mandates expected Wednesday

◆ First senior preferred trade in a month ◆ Santander extends its SP curve ◆ Slim premium on both tranches

◆ Irish lender enjoys strong investor response for rare deal ◆ Pricing through fair value thanks to low supply ◆ UBS seen attracting ample interest for cost-effective dollar AT1

◆ First euro IG corporate benchmark of 2026 ◆ Peak demand tops €3.2bn ◆ More deals set to hit the market from Wednesday