Currencies

◆ Second ever bond for the issuer ◆ Deal marketed to both SSA and credit investors ◆ Offers potential for tightening on the back of southern European convergence trade

Eight banks provided loan facility to company

◆ Issuer's first benchmark after after active start of year in PPs ◆ Deal attracts big book despite large tightening ◆ Only KfW priced with lower spread to USTs this year

International interest for German paper has grown

ESM priced new €2.5bn 10 year at flat to EIB

◆ Issuer returns after Swiss franc debut on Monday ◆ Spread tightened 40bp–45bp from IPTs ◆ New issue premium debated

◆ 'Strong demand' supported tight execution, DCM banker said ◆ Landeskbank sought to expand international participation ◆ Concession debated

◆ Dutch lender's latest €2.5bn senior holdco follows Aussie domestic senior foray ◆ Comes a day after $1.5bn AT1 and before green RMBS ◆ Demand for senior unsecured assets is strong as ING clears big funding with limited, if any, new issue concession

◆ Issuer's first green benchmark in 2026 ◆ Blended premium estimated ◆ Central bank/official institution allocations 'notable and high' for green label

Bankers insist sustainability-linked loans are here to stay

◆ Sovereign takes plunge into 30 year ◆ Book almost twice that of 2024 deal ◆ Large size, tight NIP, others encouraged

◆ US drinks giant brings jumbo deal across the curve ◆ 12 year tightens the most ◆ Premiums vanish across the tranches