Currencies

◆ €250m deal went better than expected ◆ Spread to KfW key to pricing ◆ Land NRW sustainability next

After a poor start to 2025, a strong second quarter helped lagging covered supply get back on track

◆ Bromford Flagship gets big response ◆ Gilts market goes haywire as bookbuilding ends ◆ Borrower walks away with four times oversubscription

◆ First deal since Crelan/AXA Bank Belgium merger ◆ No premium paid ◆ Capped size allows for focus on price

◆ Société Générale's insurance arm refis legacy perp ◆ Deal lands flat to fair value ◆ Investor sweet spot

◆ Large demand leads to large print ◆ Early momentum in quality book ◆ 'Everything flying' but spread to swaps also attracts

◆ 'Really good' spread to KfW ◆ More German issuance to come ◆ Two-step tightening but no attrition

◆ French company out for four and 20 year bonds ◆ High demand split evenly between them ◆ Both tranches tighten by 42bp during bookbuilding

'Abundant' liquidity to put downward pressure on pricing, say bankers

◆ New chapter in Greek banks' rehabilitation story ◆ Issuer 'reprices' Greek banks' short end curve due to huge demand from buyers of established FIG debt ◆ Deal reconfirms appetite for higher spread products

Deal expected to be among the last before summer slowdown with volatility tipped to threaten primary market

Risk of complacency flagged as issuers continue to fund into summer