Location

◆ First deal from regions and agencies in Spain this year ◆ Bond lands just 4bp over Bonos ◆ How far can Spanish SSAs go from here?

◆ Spanish entity hits market with tight, opportunistic trade ◆ Some attrition as deal priced through inflection point ◆ Trade lands through fair value

◆ Second euro social bond this year ◆ Book continued to grow between guidance and allocation ◆ Spread tightens 33bp to land near fair value

Demand well above expectations, given books opened on an FOMC rate decision day

Some price discovery needed due to sukuk format and long tenor

As with other private placements from Africa, observers have questioned the merits of the format

Benin reaped the rewards of its sukuk debut last week, and will do so for years to come

First Canadian province to visit euros in 2026

◆ 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

◆ UK issuer looks for funding in euros ◆ Demand peaks above €4.3bn ◆ Orderbook attrition returns as spread tightened

◆ 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