Euro

◆ Deal eight times subscribed ◆ Spread cut to mid swaps plus 120bp ◆ Investors flush with cash amid scant supply

German company has been actively acquiring and divesting real estate since late 2024

◆ €500m bond six times subscribed ◆ Only 1bp off NRW's recent five year ◆ Tenor, yield, timing all attractive

◆ Citi and Wells Fargo opt to issue in euros before dollars ◆ Citi's offer described as first post-GFC euro tier two from a US bank ◆ Both banks achieve competitive funding in 'green flashing' euro market

◆ Greek bank's first bond of the year vastly improves on last year's financing ◆ Scarcity appeal, buyback, and higher UniCredit ownership help crunch spread ◆ Old bond to be bought back above par

◆ 'Record-breaking' results on 'many metrics' ◆ Slim premium paid ◆ Broad engagement as investors hunt paper

◆ Deal slotted into a quiet calendar ◆ Liquidity abundant after Terna’s blockbuster EuGB ◆ Fair value seen at mid-swaps plus 117bp

Helaba merger could create a 'diversified' player in the commercial real estate market

◆ Huge demand for second euro bond ◆ 'Remarkable' result a reflection of strong market ◆ Bond immediately performed, dragging peers tighter

◆ Syndicate desks say if deal was expected ◆ Flurry of SSA bullet and structured MTNs ◆ Mandates hit screen after US data

◆ Mediobanca latest Italian bank to fund amid M&A ◆ Deal well absorbed even at negative NIP, though some debate on price ◆ Similar dynamics gave Ifis tight spread and concession

◆ 3.5 year FRN priced flat to guidance ◆ Green and conventional fixed rate bonds to come ◆ World Bank, PSP to print euros