Asia Pacific

◆ 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

◆ Japanese agency had two day execution ◆ Spread not tightened ◆ Final order book falls short

Company borrows size with single five year Samurai loan tranche

◆ Elis and Australia Pacific Airports offer low double-digit concessions ◆ Akzo Nobel prices dual trancher ◆ Shorter dated deals attract strongest demand

Safe haven status draws offshore names to Swiss francs

◆ Aussie issuer returns after 2025 debut ◆ Asset managers like scarce international Australian risk ◆ Canadian names used to find fair value

Company’s new facility was described as ‘substantially oversubscribed’ and structured as a club deal as it adds contingent liquidity loan for $3bn

ICBC prints multi-currency 'safe haven' deal, yet limited read-across for European markets