Euro

Increased residential lending demand could help support issuance

Issuance window is open and conditions are great but issuers stand pat

With conditions this good, it makes sense for companies to take a dip

◆ First euro green bond for the issuer ◆ Spread to peers 'quite an achievement' ◆ Solid order book throughout

Larger deals expected to hit market 'anytime'

◆ Swiss bank issuance is novel for the euro FIG market ◆ Mixes elements of senior and covered FIG debt, and SSA bonds ◆ State-backed deal performs well

Now 75% funded for this year, the agency is planning another benchmark for after the summer

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

◆ €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