Euro

◆ Priced over Austrian govvies ◆ Scarcity and business model help demand ◆ Saskatchewan targets 10 year

Some deals struggled to get covered, but overall subscription ratio has been high

◆ Simultaneous tenders power new capital offerings ◆ Caixa issues tight and longer AT1 structured to refinance old capital early ◆ Permanent TSB's first tier two in more than four years ends in a blowout

◆ CBRE’s debut green tightens over 40bp ◆ Prologis €1bn dual tranche prints with negative concession ◆ Corporate issuers front-load ahead of Fed meeting

Downgrade 'pretty much priced in' for French bank and covered paper

◆ Eager investors help book building momentum from early on ◆ UniCredit lands third non-preferred tranche of 2025 inside fair value, say leads ◆ Even ABN's lower-yielding green senior preferred comes near FV

Rating changes to EFSF, French agencies yet to come, impact expected to be minimal

Demand supported by resurgent asset manager bid

Issuance recovers from last week’s wobble but concerns linger after issuers like KfW widen

'Great' market conditions are not immune to central bank surprises and fund inflow changes

◆ Third benchmark SP from the Landesbank becomes year's tightest ◆ This brought challenges and price discovery ◆ Higher new issue premium compensated with 'good' foreign buying

Loans to sectors linked to government spending or regulation could be impacted