Banks

Bank intends to issue more hybrid capital but ‘more MDBs need to print’ for new asset class to grow further

◆ Takes larger size than expected ◆ Tightens 3bp to leave minimal premium ◆ French issuers fairly well funded before the summer

◆ Record book for an EIB EARN ◆ Demand supports ‘comfortable’ 3bp tightening ◆ Positive backdrop as SSA spreads perform in secondary

Issuer aims to stay active in core maturities and has now done three and 10 years in 2025

Derant Lakoue moves on to new role

◆ LatAm development bank adds to funding toolkit ◆ Patience is virtue as issuer waits out tariff storm ◆ Book ended up 6.4 times covered

◆ Large deal kickstarts FY 2025-26’s linker programme ◆ Shorter maturity caters to investor demand ◆ ‘Consistent, business-as-usual approach’ celebrated by markets

◆ Issuer raises €1.5bn supported by nearly €10bn of orders ◆ Though some see higher NIP than usual paid for that tenor ◆ Deka leaves slim premium as other, less frequent borrowers prepare senior opco deals

◆ Hesse prints largest European regional green bond ◆ ESM builds 'massive' book ◆ CDP tightens pricing by 6bp

Losses will affect all departments and regions

◆ Euro deal is Canadian bank’s third after US and Canadian dollar prints ◆ Short-end floating rate debt remains popular among investors and issuers ◆ RBC prints flat to its home market

‘Compelling and unique’ opportunity leads to record demand for new vaccine bond