Euro

◆ 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

Issuers shift the primary market equilibrium in their favour but questions raised whether it can last

More steepening expected for both govvie and swap curves for rest of 2025 as crucial date for Dutch pension reform draws near

New issue premiums to be small or negative

Core Europe to lead the charge but without German issuers

◆ Bank issues two deals a day after record earnings ◆ Week's fourth euro tier two ends with largest demand ◆ Earlier senior bond achieves highest-ever book for an Australian dollar credit trade