Banks

◆ Yankee banks top up regulatory capital ◆ Brown & Brown fund $10bn acquisition ◆ Investors hunt for yield

Arrival of head of new CIB will further spur NatWest Markets as broader bank looks to growth

◆ Investors scooping tier two debt across markets ◆ BNP Paribas takes advantage with third print of the year ◆ Rare German insurer Gothaer increases funding

◆ Old tier two call date approaches ◆ Tier two pick-up over senior gets tighter ◆ Wide range of feedback but ‘can’t compare this to anything’

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