Euro
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The loan was provided by a triumvirate of banks -
◆ First €1bn three year Länder since end-2023 ◆ Deal prices in line with recent EIB, ESM in primary ◆ Secondary spread pick-up still attracted €1.5bn book
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Market still 'hot and busy' as borrowers line up
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◆ Subordinated bonds proliferate as ceasefire talks buoy investors ◆ Nomura follows BNP Paribas with dollar AT1 ◆ BPM compresses T2 spread as PBB prepares to refi
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◆ Long deal 3.4 times covered ◆ No concerns about pricing in busy market ◆ Pricing through OATs no problem
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◆ 'Impressive' result for Spanish bank ◆ Raiffeisen Hungary shows CEE appetite ◆ Ageas places short-dated sterling senior
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◆ Market's 'green light' buoys long end deal ◆ Sizeable books sticks together during pricing ◆ Attractive pick up offered to sub-sovereigns
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◆ Singaporean lender achieves both price and size ◆ Slim concession offered ◆ Short tenor stands out
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◆ Deal much more popular than issuer’s last ◆ Better tone, improved backdrop ◆ Extra 3bp ‘made a big difference’
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◆ Snam prints debut European Green Bond ◆ Heimstaden Bostad brings its first green note ◆ Both deals attract big books at tight spreads
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◆ Investors show keenness for higher yielding bonds as macro trumps geopolitics ◆ BNP Paribas and Nomura eye dollar AT1s ◆ Commerz adds tier two capital in euros
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Further covered deals expected but demand could skew towards riskier paper
