Issues

Hong Kong’s Exchange Fund sells CVC shares

◆ NordLB achieves price with capped size ◆ Commerzbank squeezes €750m from slim book ◆ Low single digit premiums paid

Issuer says 1bp of greenium was achieved with pricing

◆ Record book for an EIB EARN ◆ Demand supports ‘comfortable’ 3bp tightening ◆ Positive backdrop as SSA spreads perform in secondary

Longer tranches added during syndication off back of lender demand

Issuer aims to stay active in core maturities and has now done three and 10 years in 2025

◆ IG corporates continue cramming into market ◆ RWE hybrid a standout with €10.5bn demand ◆ Most deals have no-grow tag

International bond issuance will still be lower than many of the past few years

The country has not printed a Eurobond for nearly five years

◆ Issuer raises €1.5bn supported by nearly €10bn of orders ◆ Though some see higher NIP than usual paid for that tenor ◆ Deka leaves slim premium as other, less frequent borrowers prepare senior opco deals

◆ Scotia and Bank of Queensland tap the short end ◆ Single digit premium for Scotia ◆ BoQ offers spread to Aussie major peers

◆ More IG corporates bring EuGBs ◆ Norsk Hydro looks to print inside fair value ◆ Covivio lands flat