Issues

Trade was the first tier two bond from a Polish bank in euros

New banker joins from Mizuho

◆ Speculative interest anticipated ◆ Geopolitical tensions make little dent ◆ 15 year sweet spot for Dutch pension funds

White House mis-steps have raised hopes the euro can supplant the dollar

◆ Italian bank prints €1bn in first tier two since January 2024 ◆ Demand for higher yielding deals outweighs Middle East escalation ◆ Other new financial issuers of capital line up deals

Goldman sole bookrunner as Irish state exits AIB, shareholder sells Amadeus block

◆ Deal attracts strong real money demand ◆ Minimal drops as accounts stick with price move ◆ Low single digit premium needed

◆ Hybrids fight for attention alongside SLBs and green bonds ◆ Books remain well subscribed ◆ But pressure is building for market sentiment to sharply turn

Black Sea Trade and Development Bank treasurer explains why now was the right time to return to raising debt

◆ Scarcity value draws buyers ◆ Nordic investors lured by big pickup against krona ◆ Bankers debate euro or dollar for next international bond

New facility replaces two loans for BBB+ rated company

Some thought the new issue premium was slim, but others saw it in double digits