Euro
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◆ Investors scooping tier two debt across markets ◆ BNP Paribas takes advantage with third print of the year ◆ Rare German insurer Gothaer increases funding -
◆ Old tier two call date approaches ◆ Tier two pick-up over senior gets tighter ◆ Wide range of feedback but ‘can’t compare this to anything’
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◆ SSE brings two tranches to Orange’s one ◆ Both trades see substantial orderbook attrition ◆ Hybrids remain attractive proposition for investors
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Delayed drawdowns are more common in private credit
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The difficulty of hitting the standard makes it a standard worth having
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Large capital raising in May surpasses past monthly volumes
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◆ Insurer appears amid 'great' market ◆ New deal is seen offering no new issue premium ◆ Tier two capital 'appears' to be refinancing legacy perp, says CreditSights
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◆ NordLB achieves price with capped size ◆ Commerzbank squeezes €750m from slim book ◆ Low single digit premiums paid
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Issuer says 1bp of greenium was achieved with pricing
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Longer tranches added during syndication off back of lender demand
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Issuer aims to stay active in core maturities and has now done three and 10 years in 2025
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◆ IG corporates continue cramming into market ◆ RWE hybrid a standout with €10.5bn demand ◆ Most deals have no-grow tag
