Banks

High demand for senior and tier two debt keeps deals rolling in

◆ Deal one of the tightest of the year ◆ Granular book peaks at over €2.2bn ◆ Slim to no premium paid

◆ Popular trade performs in secondary ◆ Performance erases premium ◆ NAB offers an attractive relative value proposition

◆ Investors seek duration for spread and yield ◆ Mizuho accelerates issuance timing to capture attractive 10 year funding ◆ Athene pulls in spread buyers to its longest G3 bond

◆ Austria bank compresses funding cost as investors remain avid buyers of tier two bonds ◆ Product described as 'most attractive' within the FIG capital structure ◆ Deal lands with negligible premium, if any

Curve underperformed but ‘there is demand at these wider levels’

◆ Senior non-preferred green deal brings back larger funding in a single, longer maturity ◆ Small concession paid ◆ Senior preferred Kangaroo in belly of curve to follow

Sustainable finance chief among those affected

◆ 'Humongous' compression at the long end attractive ◆ Small premium paid on tighter headline level ◆ Tasty pick up still offered over KfW

◆ Belgium arm takes size with first deal since February 2024 ◆ Slim premium paid ◆ More Benelux supply expected

◆ Bank issues two deals a day after record earnings ◆ Week's fourth euro tier two ends with largest demand ◆ Earlier senior bond achieves highest-ever book for an Australian dollar credit trade

Bankers fired when HSBC closed its European M&A and ECM business at the start of the year are resurfacing as big banks plug holes and target mid-market deals