Euro

◆ New five year a 'very clear' choice ◆ 'Cautious' start to bookbuilding was 'good and balanced' ◆ Funding completed for the year

◆ Eight year spread set at same level to five year debut ◆ Book just about covered, leads left holding paper ◆ Some concession needed in a tricky market

◆ Deal arrives same day as EFSF dual-trancher ◆ Pick-up over KfW ◆ Public sector pipeline mulled

◆ Investors absorb new bank capital ◆ BBVA prices at tightest euro AT1 reset spread of 2025 ◆ Eurobank returns after May AT1 debut

Issuer sees use-of-proceeds label as 'perfect tool' to beef up its support to defence sector

◆ Investors gulp down Heineken's second euro deal in two months ◆ Slim premiums needed ◆ Books fall as LSEG and OMV price tight

◆ Second euro outing for Alphabet after April debut ◆ Spread tightened sharply across tranches ◆ Colgate brings €650m trade

◆ ING's €1bn deal top €3.4bn in orders ◆ Bank of Ireland prints tightest Irish senior since 2021 ◆ 'Very little NIP' on either trade

Ludwigsburg eyes duration, while MBH plans 'classic club' deal

◆ French bank's insurance arm is a very rare issuer in the open market ◆ New RT1 is a public deal but done as a 'restricted placement' ◆ Refinances a call on €1bn tier one from 11 years ago

ESG deals show there is more to labels than just saving on spread

EFSF and EU have deals to come but 2026 conversations have already started, with long end yields in focus