Just Priced — New Issues

Bonds issued within the last 90 days, newest first.

The primary market for European financial credit has seen a flurry of activity over the last 90 days, characterized by a steady stream of issuances from core German and regional banking entities. Investors looking to deploy capital in the current environment are finding a diverse range of maturities, with recent pricing reflecting a clear emphasis on yield pickup across the belly of the curve. These new issues provide a timely opportunity to lock in attractive carry in a sector that continues to demonstrate resilient credit fundamentals. Relative value opportunities are particularly evident when comparing recent tranches from issuers like HESLAN and DZBK. For instance, the HESLAN 3.35% 2033 notes offer a yieldtoworst of approximately 4.196%, providing a compelling spread over comparable duration benchmarks. Similarly, the DZBK 3% 2028 issue, priced at a yieldtoworst of 3.562%, highlights the current appetite for Arated financial paper. As these bonds settle into the secondary market, they offer professional investors a liquid entry point to capture stable income streams while maintaining highquality exposure within the European financial sector.