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Top section
Al Rajhi closes in on $1bn green murabaha
First refinancing since Fitch upgrade in December has been well received
New label and attractive relative value of French agency paper allow large spread tightening
Auto finance issuers find stronger demand at short end in euros
◆ Volkswagen Bank raises €2.5bn across three green tranches ◆ RCI Banque returns with €1.25bn dual trancher ◆ Investors turn more cautious on duration
ANZ takes 'cautious' approach to price euro tier two deal
◆ Bank's second labeled tier two in currency this year ◆ Limited attrition ◆ Volatile energy backdrop amid Strait of Hormuz tensions
New label and attractive relative value of French agency paper allow large spread tightening
Sub-sections
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Issuer now 80% funded for the year, keeps eyes open for opportunities across currencies -
◆ Hybrid bonds bid wider as govvies sell off ◆ EDF book holds firm earlier this week ◆ Some concession ensures healthy demand
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More fully battery electric vehicle-backed deals are expected with similar loans expected to back a larger proportion of mainstream auto ABS
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◆ Part of prefunding for 2027 ◆ Low-to-mid single digit NIP ◆ Green issuance has increased since last year
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◆ ADB brings ‘impressive’ seven year ◆ NWB hits five year sweet spot ◆ Both deals tighten a large 3bp
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◆ Sovereign brings fourth syndication of year ◆ Smaller book than earlier deals this year ◆ Capped deal size helps
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Data center developer faces October deadline to repay 2021 ABS
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Leads consider dropping some seven year bonds, preserving five years
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◆ US food group funds M&A with first euro bond ◆ €500m no-grow draws more than €1.65bn at peak ◆ Tenor choice helps issuer find demand
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Triple-A notes were originally guided at mid to high 100s
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◆ Amazon adds sterling to funding tool kit ◆ Deal the second largest in the currency after Alphabet's own debut ◆ Trade prices tight but higher price needed for size
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◆ Five-part debut draws more than €21bn of peak orders ◆ Uber offers diversification from hyperscaler-heavy US supply ◆ Issuer leaves concessions on table to secure size
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Deal multiple times oversubscribed as investors buy into electrification and AI story
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◆ Another French agency brings early autumn deal ◆ International investors show support ◆ Priced to ensure performance
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Shareholders sell down holdings in AutoStore and Orsted, as shipping company opens books ahead of Athens parallel listing
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Société Générale and Standard Chartered provided euro and yen tranches respectively in first World Bank-backed transaction involving the Japanese currency
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EM debt investors had largely expected a debt treatment would be required
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Belgian car leasing company taps four banks and three investment firms
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As war drags on, banks are boosting hoards of cash after deposit outflows
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The euro tranche is a refi of a bond maturing later in September
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Having to rate money-guzzling Anthropic and OpenAI will test the agencies’ nerve
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US dollar market bursts to life after Labor Day holiday
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Bankers welcome third and fourth deal in two weeks
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◆ Pharma firm returns to euros after two years away ◆ Some concession needed for slim covered deal ◆ Koninklijke Philips adds to biotech flow
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Sponsored by Republic of Côte d’Ivoire
Bond Awards 2026: Most Impressive Issuer in Africa — Republic of Cote d’Ivoire / Most Impressive Funding Official in Africa — Lancine Diaby
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Sponsored by Crédit Agricole CIB
Syndicated Loan Awards 2025: Crédit Agricole CIB: Driving France’s loan market and ESG transition
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Sponsored by Islamic Development Bank (IsDB)
Sukuk market’s next chapter: Financing the future, sustainably
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