Currencies

◆ Mercedes-Benz continues corporate sterling run ◆ Small orderbook after lead interest discounted ◆ 2030 bond lands inside the company's 2028 notes

Some borrowers are taking a break but others are taking it seriously

Bank is cutting 230 MDs and directors globally

◆ Positive market backdrop for larger and smaller issuers ◆ Canadian bank taps favourable euro funding at similar level to the US market ◆ Smaller Italian lender Sella crunches spread from a year ago

Flooring company's bespoke 'super senior funding' was done away from the syndicated loan market

◆ €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