Euro

Delayed drawdowns are more common in private credit

The difficulty of hitting the standard makes it a standard worth having

Large capital raising in May surpasses past monthly volumes

◆ Insurer appears amid 'great' market ◆ New deal is seen offering no new issue premium ◆ Tier two capital 'appears' to be refinancing legacy perp, says CreditSights

◆ NordLB achieves price with capped size ◆ Commerzbank squeezes €750m from slim book ◆ Low single digit premiums paid

Issuer says 1bp of greenium was achieved with pricing

Longer tranches added during syndication off back of lender demand

Issuer aims to stay active in core maturities and has now done three and 10 years in 2025

◆ IG corporates continue cramming into market ◆ RWE hybrid a standout with €10.5bn demand ◆ Most deals have no-grow tag

◆ Malakoff Humanis looking at benchmark sized tier two bullet ◆ Deal to fund its business growth aside from refi ◆ Gothaer to print new 20NC10 tier two ahead of call

◆ Issuer raises €1.5bn supported by nearly €10bn of orders ◆ Though some see higher NIP than usual paid for that tenor ◆ Deka leaves slim premium as other, less frequent borrowers prepare senior opco deals

The ECB's hawkish rhetoric shouldn't dissuade investors from expecting further curve steepening