Euro

◆ Functioning market for debut and lower tier borrowers despite spike in political volatility ◆ Kommunalkredit Austria prints rare tier two as mBank prepares debut ◆ Malakoff Humanis raises €750m for growth

Three deals total €4.1bn

◆ Minimal impact from escalating Middle East conflict ◆ Investors eager to buy long end BPCE ◆ Danske lands flat to Pfandbrief

◆ Investors offered identical deals at each end of the rating spectrum ◆ Sanofi appears to come flat to fair value ◆ Both get more demand for seven year tranches

SES and coffee machine maker SEB marketing high spread trades

EIB, already 80%-funded for the full-year, will bring another dollar deal on Tuesday

Half of the facility came from one investor

New faces in euros could be thin end of the wedge as Pacific Life introduces first green FABN

Senior bond market participants say Europe has once-in-a-generation chance to take a chunk of US hegemony

◆ Assorted issuance mix mostly well taken by investors ◆ But lower yielding or unfamiliar names find it harder to gain traction ◆ Almost all issuers pay slim to single digit premium

◆ OTP prints first euro covered in a decade ◆ Equitable Bank fails to tighten from IPTs ◆ Rival bankers debate Equitable struggle

◆ Book was one of largest ever ◆ Good window, spotted ◆ Spread versus peer made sense