Euro

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

◆ Hesse prints largest European regional green bond ◆ ESM builds 'massive' book ◆ CDP tightens pricing by 6bp

◆ Scotia and Bank of Queensland tap the short end ◆ Single digit premium for Scotia ◆ BoQ offers spread to Aussie major peers

◆ More IG corporates bring EuGBs ◆ Norsk Hydro looks to print inside fair value ◆ Covivio lands flat

◆ French issuer closes in on 2025 funding target ◆ Single digit pick-up offered over tight core European names ◆ Little to no premium needed for a sizeable trade

Lending activity picks up in four central European countries