Issues

Confidence in rate cut path ebbs and flows, but has been shaken

The US bank is aiming to disrupt the corporate finance elite this year

◆ 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

◆ 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

Funding chief hails modest pick-up to issue its first hybrid capital bond

Credit score company overcomes investors' concerns to tighten pricing sharply

The company was divested by its Chinese parent in October 2024

◆ Record book for the German state ◆ Länder-KfW spread now much healthier ◆ Strong bid for German assets at current levels

For a president this volatile, acting on what he does rather than what he says is the only long-term strategy