Euro

Private credit investors say market is back on track after tariff shock of second quarter

This week saw a 79% drop in euro volumes from same time last year

◆ Popular trade performs in secondary ◆ Performance erases premium ◆ NAB offers an attractive relative value proposition

◆ Investors seek duration for spread and yield ◆ Mizuho accelerates issuance timing to capture attractive 10 year funding ◆ Athene pulls in spread buyers to its longest G3 bond

◆ 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