Europe

The group has said it is growing its origination team

◆ Both banks issue their second ever euro deals in respective asset classes ◆ SBAB prints much tighter but also ends up with lower oversubscription ◆ Higher spread pick-up on the Croatian deal lures buyers as issuer's credit profile improves

◆ Transdev debuts among some big trades ◆ Abertis looks to pay zero premium on hybrid ◆ Heidelberg Cement pays low concession after big rally in its debt

Economic reform continues despite war, new governance platform is launched

◆ Caffil aims for 12 years, LBBW goes for 10 ◆ Pair of €500m deals attract almost €5bn of combined demand ◆ Single digit concessions offered

◆ Last euro syndication for 2025, done ◆ Good timing as usual ◆ Book is one of sovereign’s largest

◆ Joint biggest deal of the year attracts largest book since last May ◆ Final spread the tightest in almost a year ◆ Sterling offers saving compared with euros or dollars

Book for the deal closed at over €3bn

UK government’s plan to force pension funds to allocate funds to specific assets goes against the pension industry’s core duty

◆ Deal was Sparkasse Hannover's second in benchmark format ◆ Domestic demand drives deal but some international accounts take part ◆ Next to no premium paid

◆ Demand solid across seniorities ◆ Hybrid regular Veolia moves into green structure◆ Swisscom shows investors also looking for thinly priced debt

Utilities, healthcare and telecoms among the sectors highlighted as prime targets for consolidation