Sterling

◆ ESM set for first syndication of 2026 ◆ EIB drawn to popular 10 year dollar demand ◆ KfW taps sterling market

Books were nearly three times the issue size

◆ First sterling bond will not be issuer’s last ◆ ‘Element of price discovery’ for inaugural trade ◆ Accessing new markets key to funding bigger needs, says issuer

Investors and bankers consider prospects for UK country's first bond issue

◆ Junior note lands tight to Class As ◆ No concession needed ◆ Lack of sterling supply allows for tight pricing

◆ Peak book the largest for an IG corporate in sterling since early November ◆ Issuer takes size at a tight spread ◆ Wide range of fair values spotted

◆ 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

Volume of SSA dollar issuance drops but duration increases

German sovereign goes for conventional over green as smaller peers join a crowded Tuesday

Northern Ireland issuer plans to visit the long end

◆ Spread tightened by 5bp ◆ Banker put fair value just inside 58bp ◆ Canadian banks continue strong start to year in covereds

◆ Supranational was 'hesitant' to print on Monday ◆ New issue concession estimated ◆ Timing of cross-currency swap execution