Euro

◆ Italian bank raises €1bn after a similar euro pair last week ◆ Year-to-date euro AT1 new issuance volume is almost a quarter higher than 2024 ◆ Deal completed with minimal new issue premium

◆ Second phase could be novation of ESM's €74bn existing portfolio ◆ Dealers eye Eurex-LCH CCP basis ◆ Eurex reports 'significant onboarding' from investors ahead of Emir deadline

New research from Oxford University and Pemberton suggests once-niche financing is getting a stronger foothold

◆ Third benchmark trade from Luxembourg-based supra this year ◆ Govvie yields higher after US downgrade but issuer undeterred ◆ Execution was quick and typical

Company calls on its relationship banks to bump up the size of its RCF

◆ Eika picks sevens for second deal of 2025 ◆ Investor limits restrict pricing ◆ Single digit premium paid

◆ Combined demand closes at €2.9bn ◆ Little to no premium needed for either leg ◆ More size taken at the long end despite smaller book

◆ Siemens burst out of the gate with five tranches ◆ Rarely spotted floating rate note sees good demand ◆ More multi-tranche trades expected this week

◆ French insurance company prints inaugural tier two debt for M&A ◆ UK’s Zopa raises sterling AT1 capital to meet growth targets ◆ Oldest German building society expands funding mix

Issuers having second thoughts about mandating for dollar bonds while euro and sterling issuance charges ahead

Tightening trend in private credit pricing has reversed since April 2, but reliability is funds' trump card

Issuers back to comfortable position ahead of summer months after busiest week in euros since February