Euro

Seasonal slowdown sees demand cluster in one to six year vanilla private placements

Deutsche Bahn’s double notch upgrade hints at a tough time ahead for buyers

◆ Popularity allows Deutsche to price at tight valuation ◆ Follows the German bank's $2bn Yankee at the belly of the curve... ◆ ...and comes a day after UBS issued €2bn in mid to long dated maturities

◆ UBS ends 14 month Swiss franc covered absence ◆ Next to no premium paid ◆ Swiss bank has raised AT1, senior unsecured and now covered in the last week

Internationally focussed borrowers could fare better under higher tariff regime

Most lenders from 2019 SLL returned for this financing

Books bulged in July as investors flocked to the last of the summer deals

◆ Swiss bank quickly follows $2bn AT1 with senior holdco print in euros ◆ Deal's high oversubscription may tempt others to print soon ◆ DNB diversifies funding printing rare euro FRN

◆ Wendel’s decision to refinance bonds early pays off for company ◆ Demand for €500m trade hits €3.1bn ◆ Spread thunders in by 38bp during bookbuilding

Sentiment towards affected major banks improves but major ratings agency judges overall situation credit negative

Deal is a mix of green private placements, term loans and revolving credit facilities

Deals up to 20 years could be possible — if issuers are willing to pay some NIP