Spain

◆ Fragile US-Iran peace gives risk assets an excuse to rally ◆ Canaries debuts amid clash over Spanish regionals' run ◆ Dollars run dry as borrowers eye late June pre-funding, summer lull

◆ Fair value estimated ◆ 'No fatigue' despite ongoing supply ◆ Increasing international investor base

◆ Busy couple of weeks the Spanish public sector ◆ Madrid, Andalucia also printed, Basque next ◆ 1bp of NIP paid on slightly softer day

◆ Smooth return is well telegraphed ◆ Pricing behind benchmark ◆ Label's diminishing edge

◆ Market conditions worsened in afternoon ◆ Deal priced flat to fair value with minimal attrition ◆ Bucks NIP trend from recent deals

◆ Peak demand tops €3.65bn ◆ Orders stick after 37bp tightening ◆ Deal lands close to fair value

◆ Rare deal unhindered by softer market open ◆ Follows recent south European trades from Abanca, Bankinter, and CredEm ◆ Triple digit spread attracts 'quality' book

◆ Madrid lands at same level as 10 year ◆ Second EuGB from Madrid ◆ NWB makes euro benchmark 2026 debut

◆ Issuer's first trade of 2026 ◆ Premium paid as 'investors not chasing everything' ◆ First SP from a Spanish bank since February

◆ Sovereign takes home another €13bn syndication ◆ Growing demand for public sector bonds confirmed again ◆ Little new issue premium paid

◆ EDP returns with second EuGB this year ◆ CBRE tightens hard on €500m green bond ◆ Small concession spotted on both deals

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