Issues

◆ Deal executed after 7bp of tightening ◆ Banker said spread represented fair value depite busy day for euro issuance ◆ Deutsche Kreditbank goes long amid thriving Pfandbriefe issuance

When staff complain, they deserve a fair hearing, not a wall of silence

First Canadian province to visit euros in 2026

◆ Hedge funds dominated when book opened ◆ High quality accounts arrived later ◆ New issue concession estimated

◆ UK lender stays patient for volatility to subside before commencing unsecured euro funding ◆ Investors show strong support for both tranches ◆ Pricing at fair value, though some debate on longer leg

Global investors are turning to European private credit

◆ US dollar benchmark had been slated for later in Q1 ◆ 10 year tenor also considered ◆ Hedge funds allocated more than in some SSA peer deals

◆ German bank started wider at 50bp before tightening ◆ DKB is known for issuing at the long-end ◆ Bond is trading as much as 2bp tighter in secondary

◆ New 20 year Bund launched into popular demand ◆ Is 20 years the new 30 years for EGBs? ◆ Fair value in debate

Listings in the works in Romania and Hungary

◆ Good capital issuance window for smaller UK financial institutions ◆ Both use liability management to refi ahead of calls ◆ Close Brothers paying hefty coupon due to heavier motor finance exposure

◆ Aussie bank tightened 9bp through execution ◆ Deal more than six times oversubscribed ◆ Bank's last euro covered was in September 2023