Euro

◆ Austria bank compresses funding cost as investors remain avid buyers of tier two bonds ◆ Product described as 'most attractive' within the FIG capital structure ◆ Deal lands with negligible premium, if any

◆ Book order peaks at more than four times subscribed ◆ Negative new issue premium ◆ Amount raised to refinance €1.1bn of debt

◆ Deal appears tight compared to recent supply ◆ 'Decent' pick up paid over SSAs ◆ Slim premium offered over Nordic peers

◆ Pricing tighter than some rivals expected ◆ Landing near secondary ◆ Diversified crowd of investors as treasuries grab ASW rolldown

Curve underperformed but ‘there is demand at these wider levels’

◆ Senior non-preferred green deal brings back larger funding in a single, longer maturity ◆ Small concession paid ◆ Senior preferred Kangaroo in belly of curve to follow

Large loans expected to help meet sizeable capex needs

◆ Issuer takes advantage of capped size ◆ Rarity element provides tailwind for tight pricing ◆ Others take different markets as Nordea stays local for AT1 and Allianz eyes dollars for RT1

◆ 'Humongous' compression at the long end attractive ◆ Small premium paid on tighter headline level ◆ Tasty pick up still offered over KfW

◆ Belgium arm takes size with first deal since February 2024 ◆ Slim premium paid ◆ More Benelux supply expected

Dollar and euro benchmarks from top trio will test demand post-summer once again

◆ Summer trade rewarded peak orders of five times deal size ◆ Deal lands through fair value at 33bp over mid-swaps ◆ Euro IG credit spreads reach new tights