Europe

The German agency has been working on bringing up the liquidity of its bonds

Asset class war breaks out as FIG market complains Reverse Yankees are stealing investors away from their deals

Country is trying to reduce its bloated deficit, but political instability is complicating efforts

Private equity buyers look for finance as they buy up infrastructure assets

◆ Deal attracts strong early momentum ◆ Slim premium paid as HVB lands size ◆ Pick-up offered over German SSAs

◆ Smaller trades populate market after roaring week ◆ Air France KLM keeps hybrid momentum going ◆ Cencora and Icade bring no-grow bonds

The group has said it is growing its origination team

◆ Both banks issue their second ever euro deals in respective asset classes ◆ SBAB prints much tighter but also ends up with lower oversubscription ◆ Higher spread pick-up on the Croatian deal lures buyers as issuer's credit profile improves

◆ Transdev debuts among some big trades ◆ Abertis looks to pay zero premium on hybrid ◆ Heidelberg Cement pays low concession after big rally in its debt

Economic reform continues despite war, new governance platform is launched

◆ Caffil aims for 12 years, LBBW goes for 10 ◆ Pair of €500m deals attract almost €5bn of combined demand ◆ Single digit concessions offered

◆ Last euro syndication for 2025, done ◆ Good timing as usual ◆ Book is one of sovereign’s largest