Euro

◆ Rival banker had expected attrition but order book grew ◆ Sustainability bond CDC's first euro benchmark of year ◆ New issue premium estimated

Bank completes more than half its annual funding before first quarter blackout

◆ First new line from SSA to print negative over swaps in 2026 ◆ New issue premium debated ◆ 'Too short' for some investors

◆ Peak demand tops 10.6 times the deal size ◆ Orders stay glued in after sharp tightening ◆ Issuer tenders outstanding hybrids alongside new bond

◆ Largest coverage ratio for almost three months ◆ Priced flat to fair value ◆ Slow pipeline predicted for rest of week

Strong bid for euro corporate bonds has allowed issuers to squeeze pricing tight

The bank is the largest in the country and a close proxy for investors to the government

Public sector issuance is expected to resume at pace this week

◆ German grid funds capex drive with dual tranche hybrid ◆ Demand holds firm despite aggressive tightening ◆ Deals land close to fair value

◆ 12 year tranche is longest euro trade in weeks ◆ Issuer goes for price then size ◆ Some concession needed for dual trancher

Despite uncertainty in the Middle East peace process, market participants are seeing risk appetite from FIG investors

◆ ASN's tightest senior bond since 2021 ◆ Dutch lender becomes only the second FIG borrower to have issued more than one European Green Bond ◆ Deal comes hours before 'massive rally' ensues from opening of Strait of Hormuz