Euro

Crédit Agricole and ING join the syndicate of banks for refinancing

Investors pile into deals before supply shrivels up for the summer

◆ Increase in official institutions buying 10 year euros ◆ Euro funding turned favourable vs dollars ◆ NZ dollar comeback after two year hiatus

◆ US drinks giant brings lesser spotted 12 and 30 year bonds ◆ Spread tightens hardest in the longer tranche ◆ First euro benchmark for company since 2021

New issues pipeline quiet, mid-August restart eyed

In total, 32 banks provided financing

◆ Staggering demand for EnBW green hybrid ◆ Deal lands comfortably inside fair value ◆ Demand for new debt remains high as supply dwindles

The untested youth of the blockchain market, as well as the lack of a regulatory framework, could put off widespread adoption

◆ 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