Asia Pacific

◆ Sydney Airport and Indigo print single tranche euro deals ◆ Each deal pulled in peak books of more than €4bn ◆ Tight pricing shows investors still favour defensive credits

The spread to the sovereign was well over 100bp at initial pricing

◆ Issuer finds solid demand at four year tenor ◆ Reoffer tighter than a €750m 4.25 year placed last year ◆ Single digit new issue premium paid

The Kyrgyz sovereign's first bond has tightened nearly 150bp during the Iran war

◆ Japanese telco brings deal after two day roadshow ◆ Shorter tranche leads demand ◆ Italgas pushes through with €750m six year

Foreign bank issuers secure tight pricings

Middle East turmoil is giving Asia-Pacific corporate borrowers another reason to look west

◆ Issuer attracted order book of €1bn ◆ Bid-to-cover ratio was consistent with recent precedents◆ Fair value not easy to establish

◆ Issuer brings second €500m bond ◆ Still a new name but pricing 'not too contentious' ◆ No intention to squeeze

◆ Second deal after last year's re-entry is bigger ◆ Nomura wants to extend its euro curve after debut TLAC last May ◆ Higher concession seven year tranche lands at same level as last year's fives

All three 2026 dollar covered bonds issued in past fortnight as issuers adapt to market conditions

◆ Issuer tightens spread by 4bp ◆ Stronger opening on Wednesday paved way for covered ◆ Deal offered some new issue premium