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  "documentTitle": "Q1 2025 Fixed Income Call",
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  "notes": "Includes legend for debt types (Covered bonds, Senior preferred, Senior non-preferred, AT1/T2).",
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      "text": "2025 issuance plan remains at € 15-20bn, of which € 6.3bn issued year to date, primarily in higher-beta senior non-preferred and AT1",
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      "text": "2025 issuance plan remains at € 15-20bn, of which € 6.3bn issued year to date, primarily in higher-beta senior non-preferred and AT1. Macro outlook volatile for upcoming quarters; flexibility regarding timing of further issuance. Recent issuance highlights: € 1.5bn AT1 PerpNC'30 fixed reset note, £ 0.5bn SNP 4NC3 fixed rate note, € 1bn SNP 6NC5 fixed rate note.",
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