Euro

Swiss commodities firm has deleveraged thanks to elevated free cash flow

◆ Austrian lender's first bond issue of the year ◆ Achieves investor diversification beyond core buyers in DACH, says lead ◆ Moves pricing more than most of its past senior trades

Issuer had already pre-funded in dollars earlier this year

Meanwhile, Gulf borrowers head private as Iran war volatility keeps public flow thin

Books for the jumbo €5bn deal were more than three times subscribed

◆ Issuer finds solid demand at four year tenor ◆ Reoffer tighter than a €750m 4.25 year placed last year ◆ Single digit new issue premium paid

◆ Both issuers out with similar deals on a busy day in primary market ◆ Demand flows to credit as investors show preference for higher yielding names ◆ Nykredit ends with bigger book due to wider spread

◆ Asset class is 10bp wider than two months ago ◆ Santander prints for the first time in more than two years ◆ Swiss Re restarts even rarer insurance capital funding

◆ German state brings third deal of 2026 ◆ Investors appeared ‘insecure’, extra spread to KfW needed ◆ Minimal NIP paid, size target reached

◆ Issuer’s first EuGB hybrid 10 times covered at peak ◆ Tight senior/sub spreads attractive for issuers... ◆ ...while solid yields entice investors

◆ US bank raises close to €2bn-equivalent in tier two debt ◆ Issuer attracts lots of attention and orders ◆ Market participants praise 'cool' deal

◆ State development bank brings year’s first euro deal ◆ Long-end levels attract yield buyers ◆ ‘Encouraging’ signal for duration demand