Euro

◆ Share price has fallen this month ◆ No sign of investor worry in primary bond market ◆ Shorter tranche was more popular

◆ French bank finds window between market reopening and potential heightened new supply next week ◆ Five and 10 year senior preferred tranches its first in euros this year ◆ Longer one outperforms in both demand and pricing

Issuer finishes raising €4bn for this year after 'very different execution', with more — maybe longer — supply to come

Being ‘flexible and fast’ proves key for public sector issuers amid uncertain market backdrop

Direct lenders take the initiative as banks step back

Pipeline still bottled up but deals could flow once first issuers shake themselves out

As tariff storm eases, buyers grow more willing to move down the credit curve

◆ Nordea and CM Arkéa resume European senior funding absent since 'Liberation Day' ◆ Nordea likely to serve as floor for spreads in current market ◆ Arkéa goes slightly longer in its first deal of the year

◆ Undersupplied insurance sector lures buyers ◆ Bankers debate best comparables ◆ AT1 market reopens (sort of)

‘A strong focus on a fast execution process’ aimed to minimise uncertainty and volatility, says sovereign’s funding head

The Italian gaming group has amended and extended the facility initially completed in 2023

◆ Bill Ackman’s firm offers chunky spread ◆ But investors only offer modest demand ◆ Company only has one other euro trade outstanding