Flynn Nicholls

◆ Issuer took advantage of attractive euro funding levels ◆ 'The best quality name you can buy,' lead says ◆ Premium paid

◆ First FIG sterling deal in a month ◆ 'Staggering' £4.2bn book from global accounts ◆ Door open for future sterling issuance

Borrowers want to issue and spreads are tight, but execution windows are very unreliable

◆ Italian bank's first benchmark euro trade since 2023 ◆ 40% of orders withdrawn after price revision ◆ Heavy interest from ESG accounts

◆ Insurance companies go head-to head in 'constructive' window ◆ Axa pays small premium ◆ Generali focuses on tight pricing

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

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

◆ German bank achieves 'decent' pricing ◆ NIP paid, secondary performance predicted ◆ 'Smart' trade likely to help future issues, rival banker says

Less frequent issuers making the most of market with strong bid for yieldy assets

◆ Issuer takes advantage of attractive sterling funding levels ◆ Printing during UK school holidays no problem for 'very well loved name' ◆ Sterling FIG senior undersupplied versus last year