Europe

No sign of an issuance drought in hot market

◆ Deal eight times subscribed ◆ Spread cut to mid swaps plus 120bp ◆ Investors flush with cash amid scant supply

German company has been actively acquiring and divesting real estate since late 2024

◆ €500m bond six times subscribed ◆ Only 1bp off NRW's recent five year ◆ Tenor, yield, timing all attractive

◆ Greek bank's first bond of the year vastly improves on last year's financing ◆ Scarcity appeal, buyback, and higher UniCredit ownership help crunch spread ◆ Old bond to be bought back above par

Swiss real estate firm's stock has risen 65% this year

◆ Deal slotted into a quiet calendar ◆ Liquidity abundant after Terna’s blockbuster EuGB ◆ Fair value seen at mid-swaps plus 117bp

The sovereign also issued one of the longest date deals from a CEEMEA sovereign this year

Company's bespoke financing will help fund growth

The UK will do better with tactical retreats on regulation than risking being outflanked by the US's wildcat banking regime

◆ Mediobanca latest Italian bank to fund amid M&A ◆ Deal well absorbed even at negative NIP, though some debate on price ◆ Similar dynamics gave Ifis tight spread and concession

Société Générale arranges facility, which sees UK's National Wealth Fund join