Europe

New banks join borrowing base and term loan

German agency is now about 25% funded, and with greater currency diversification compared to last January

January volume spike makes no dent in mountain of cash investors are sitting on

◆ Austrian issuer ‘monetised’ recent bonds’ performance ◆ Spread to KfW smaller than usual ◆ Book was of top quality

◆ Deal prices near fair value ◆ Minimal attrition in order book ◆ Asset managers assessing AT1s versus senior paper and equity

◆ Danish lender raises €2.25bn of bail-in debt in one go ◆ Offers visible premium to lure investors for its acquisition funding of Spar Nord Bank ◆ Issuance strategy positively deviates from the past

◆ New 30 year printed at tight level ◆ Swap spread tightened? No problem ◆ Real money demand dominates

Executive has worked for the bank since 1998

◆ BPCE attracts €5.3bn, Navarra €3.5bn ◆ Small concessions to fair value and govvies ◆ Longer dated Spanish deal lands inside higher rated French name

Norwegian aluminium company thunders through fair value despite threat of US policy changes

Credit score company overcomes investors' concerns to tighten pricing sharply

The company was divested by its Chinese parent in October 2024