Euro

◆ Spanish region lands tight versus govvie ◆ Well sought-after deal despite squeezy spread ◆ Strong technical continues to support Spanish (and French) SSAs

◆ Joint Länder trade raises €1bn ◆ JLMs help cover deal ◆ EGB sell-off deepens

◆ Deal is third Austrian sub-benchmark in three weeks ◆ Seven years a sweet spot for investors ◆ Austrian supply down from last year with a rush of supply not expected

Second tier names should not wait to issue, or they risk the spread compression running out of steam

◆ First EU green bond from FIG after corporate and SSA debuts ◆ Bank turbocharges senior funding in euros a day after sterling visit ◆ Deals have similar structures and maturities

CriteriaCaixa, DSM-Firmenich fund through fair value, J&J and Carlsberg prep jumbos

Average spread to swaps up compared to early 2024 while spreads to govvies trend downwards

◆ Strong market for subordinated bank debt in euros and dollars ◆ Investors buy ‘undersupplied’ UniCredit AT1 at multi-year low yield in the asset class ◆ Barclays, SMFG and ENBD target dollar AT1 buyers

◆ Macquarie five year follows in CBA's tailwind ◆ Pair pay minimal premiums ◆ Macquarie's first covered bond since 2022

◆ German Länder used to guide pricing ◆ Book holds firm as deal lands tight ◆ Wave of 15 year supply unlikely, but 10 years a possibility

◆ Curve repriced significantly since January ◆ Bond prices tight after spread moves 2bp ◆ Lower Saxony borrows with nine year

◆ French bank goes longer in quick succession after sterling foray ◆ Issuance timing and reception applauded by rival bankers ◆ Orders seen glued by positive premium