◆ Pair of real estate borrowers print four euro tranches ◆ Vonovia draws strongest demand on shortest leg of €2bn three-part trade ◆ Realty Income pays small concession on €600m outing

◆ Pair more than 3.5 times covered at final terms ◆ Suez lands flat, Air France pays up ◆ Airline paper performs in secondary

◆ French utility returns a week after A$1.25bn debut ◆ Six year tranche pulls stronger demand than 12 year ◆ Both legs land close to fair value

Head of funding Jochen Schader says strong promotional lending has pushed the 2026 target above €15bn, as the agency caps its dollar programme before the summer

◆ BBVA opts for green five year bullet ◆ Pays concession for secondary performance ◆ Outperforms SNP supply from last week

All as expected by the market, but lack of more details regarding bill issuance somewhat disappoints

Musk's firm joins bumper dollar club and bankers hope other markets could follow

Market's bellwether forges ahead as pipeline builds

Deal includes floating rate note

IPO documents reveal data center portfolio purchase

AI issuance is becoming increasingly concentrated — beware

Hybrid capital is open to the big US tech companies. But who needs an umbrella when the sun is shining?

UK government can find direction by being determined on defence and green growth

Growing company gets new bank lenders and equity investors

Recently departed banker to resurface in Asia

Five year bond set to be priced much tighter than the development bank's last senior issue

International Finance Corp’s drive to introduce development finance to the CLO market is advancing. Its second deal of $509m had more investors, more tranches and better pricing, supporting its rapid growth

Investors were eager to tender their bonds despite initial resistance

Issuer asks for interest payment holiday, parent DigitalBridge likely to step in

Credit quality of loans in CLO portfolios becomes increasingly important following the first CLO 2.0 liability impairment

CLO mezzanine investors are paid high spreads precisely because impairments are a possibility

Commercial real estate has been one of the hardest hit sectors during the Covid-19 pandemic. The images of shuttered shops and empty offices are almost as emblematic of the Covid crisis as facemasks and stay-at-home warnings. Although there is hope for a recovery in issuance led by the red-hot growth in logistics sites, the outlook is uncertain given that underlying values of many properties backing existing CMBS remain unknown. Sam Kerr reports.

In mid-May GlobalCapital convened representatives of three RMBS issuers with different business models and approaches for a wide-ranging discussion about the state of the UK mortgage markets, funding strategies, and much more. Kensington is the most frequent issuer in European RMBS, with a track record stretching back to 1995, and more than £10bn of assets under management, including about £6bn of servicing mandates. LendInvest and Habito are fintech lenders, with LendInvest originating bridging loans and buy-to-let, funded through securitizations (LendInvest has completed two public deals so far), retail bonds, funds, and private capital, including a £500m partnership with JP Morgan. Habito mixes technology-enabled mortgage broking with its own buy-to-let originations, funded through Citi’s securitization shelf, and has recently launched the first long-term (up to 40 years) fixed rate mortgage product in the UK, funded through a partnership with CarVal Investors.

AstraZeneca, the UK drug company, showed the eager demand for merger and acquisition financings this week when it achieved ultra-tight pricing on a $7bn bond issue to fund its acquisition of US biotech firm Alexion Pharmaceuticals.