Currencies

Norwegian aluminium company thunders through fair value despite threat of US policy changes

Credit score company overcomes investors' concerns to tighten pricing sharply

The company was divested by its Chinese parent in October 2024

◆ Record book for the German state ◆ Länder-KfW spread now much healthier ◆ Strong bid for German assets at current levels

◆ High spread attracts credit focussed accounts ◆ Strong demand for covered return ◆ Deal spotted 5bp tighter in secondary

First outing for Italian company tipped to herald wave of fresh hybrid names

Tighter spread to Bunds and real money investor interests observed in its new deal

◆ First Canadian tier two in euros since 2008 ◆ How TD alleviated concerns surrounding its profitability ◆ Issuer achieves 'competitive' diversification

◆ LatAm development bank back with a bang ◆ Multiple records broken despite heavy spread tightening ◆ Pricing is 'in line with more established names in core jurisdictions'

◆ Danish bank brings unusual M&A financing to FIG market ◆ Senior non-preferred and tier two issuance needs have doubled ◆ Will deploy 'very rare' senior and tier two combo

◆ No pick-up offered to French govvies ◆ Deal lands through fair value ◆ Investors still eager to pick up paper

◆ Specialist CRE lender raises capital to replace AT1 it kept extending since 2020 ◆ Outcome seen as positive for banks involved in the CRE lending ◆ Dollar funding comes some 300bp below euro AT1 coupon