Euro

Larger deals expected to hit market 'anytime'

◆ Swiss bank issuance is novel for the euro FIG market ◆ Mixes elements of senior and covered FIG debt, and SSA bonds ◆ State-backed deal performs well

Now 75% funded for this year, the agency is planning another benchmark for after the summer

Some borrowers are taking a break but others are taking it seriously

Bank is cutting 230 MDs and directors globally

◆ Positive market backdrop for larger and smaller issuers ◆ Canadian bank taps favourable euro funding at similar level to the US market ◆ Smaller Italian lender Sella crunches spread from a year ago

◆ €250m deal went better than expected ◆ Spread to KfW key to pricing ◆ Land NRW sustainability next

After a poor start to 2025, a strong second quarter helped lagging covered supply get back on track

◆ First deal since Crelan/AXA Bank Belgium merger ◆ No premium paid ◆ Capped size allows for focus on price

◆ Société Générale's insurance arm refis legacy perp ◆ Deal lands flat to fair value ◆ Investor sweet spot

◆ Large demand leads to large print ◆ Early momentum in quality book ◆ 'Everything flying' but spread to swaps also attracts

◆ 'Really good' spread to KfW ◆ More German issuance to come ◆ Two-step tightening but no attrition