Euro

◆ Half-year close keeps some issuers on sidelines ◆ Bankers expect big euro supply to come ◆ More concession on pricing could be required

◆ Scottish Hydro tests long-dated sterling demand ◆ Tight pricing limits further tightening from guidance ◆ Cadent extends its euro curve with 10 year trade

◆ German utilities taps improving bond market ◆ Demand holds firm across six and 11 year tranches ◆ Fair value debated

Deal looks to satisfy demand for highly-rated long-dated covered bonds

The euro note is the firm's third issuance of the year and all have funded tender offers for existing debt

ECA-backed deal comes after AFC raises $2bn to fund infrastructure development

◆ Both tranches well received ◆ Improvement on 'weak' Achmea deal from last weak, rival banker says ◆ Fair value debated

◆ French bank returns after January amid scarcity for senior debt ◆ Investors like what they see as there is no book attrition ◆ Seven year tenor lures broader appetite

◆ Pair of real estate borrowers print four euro tranches ◆ Vonovia draws strongest demand on shortest leg of €2bn three-part trade ◆ Realty Income pays small concession on €600m outing

Smaller orders, missing hedge fund bids as market exits ‘white-hot’ phase and soon to switch to holiday mode

A very different 2026 for Gulf issuance has altered league tables

Banks are well advanced with funding, but spreads could encourage pre-funding of subordinated capital