Issues

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

Express IPO set to be completed in a week

◆ French issuer closes in on 2025 funding target ◆ Single digit pick-up offered over tight core European names ◆ Little to no premium needed for a sizeable trade

Lending activity picks up in four central European countries

◆ Greek bank’s unique approach benefits both legs ◆ Follows overhaul of assets and NPLs ◆ Capital and credit specialists among buyers