Europe
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Heavy issuance met firm demand, though investors are growing more selective -
‘Whole curve open’ for SSA issuers but seven year point stands out as ‘interesting’ spot amid euro curve shape shift
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Estonian sovereign outing its first under local law
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◆ Mercedes-Benz prints its first euro public deal of 2026 ◆ Traton's debut green bond pays small NIP ◆ Both issuers tapped euro private placements this year
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◆ Aerospace firm ends near six year euro market absence ◆ Books soar for seven year deal ◆ Trade lands close to fair value
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◆ Eurofima made rare visit to euro four year conventional curve ◆ New issue premium estimated ◆ Region Wallonne grabs solid order book
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◆ HSBC brings €3.25bn of funding across three tranches ◆ Lloyds opts for €750m single tranche before UK local elections ◆ Heavy euro FIG issuance as possible Iran deal announced
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◆ Only 4bp paid over theoretical new KfW ◆ Länder bonds continued to be seen as expensive ◆ Will bank treasuries switch to EIB from Länder?
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◆ Sovereign serves up first 30 year SSA deal in two months ◆ Cost-sensitive issuer opts for limited size ◆ Very small NIP, even by German standards
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◆ Schaeffler attracts €5.8bn peak book… ◆ …while SPIE finds €2.8bn of orders ◆ Strong demand allows for strong price moves
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◆ Brewery group brings unusual 1,000 year maturity ◆ Yield pick-up draws bumper books across both tranches ◆ Tender offers also announced
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Huge geographical range of credits now on offer
