Atanas Dinov

Senior Debt

Turin, Italy - November 27, 2024: Banco BPM or Banca Popolare di Milano bank office in Turin or Torino, Piedmont, Italy

Banco BPM expands EuGB FIG issuer universe

◆ First Italian bank bond aligned with new standard ◆ Investors like what they see despite busy day for issuance ◆ Trade lands flat to similar, recent UniCredit deal

Flynn Nicholls, October 17, 2025

Regulatory Capital

Facade of the Axa headquarters, in the Paris La Defense business district. Axa is a French international insurance and asset management group

Axa lifts €1.5bn capital but RT1 outcome belies recent asset class exuberance

◆ Axa prints RT1 and tier two on same day three French insurers announce deals ◆ Tier two demand surpasses RT1 interest ◆ Most subordinated capital still attainable at 'no-brainer' cost of funding

Atanas Dinov, October 14, 2025

FIG

Flags of the USA and China on stacked containers, tariff war

FIG issuers in 'wait and see' mode due to nervous market

French political concerns and geopolitical twists chilled sentiment with no new unsecured deals on Tuesday

Flynn Nicholls, October 14, 2025

FIG

2023, 2024, 2025,2026 written on an old typewriter

Call for views: FIG market 2026 outlook survey

Market participants are invited to give their views on the outlook and expectations for the FIG market in 2026

Atanas Dinov, October 14, 2025

Regulatory Capital

Exterior view of the building housing the headquarters of AG2R La Mondiale, a French multinational non-profit insurance company

La Mondiale pays premium on tier two amid French insurance rush

◆ Improved French market and political backdrop ◆ 'Healthy' NIP ◆ Plenty of French issuance

Flynn Nicholls, October 13, 2025

Covered Bonds

Group BPCE office building in Paris 13th district - CITY OF PARIS, FRANCE - SEPTEMBER 4. 2023

BPCE draws demand for €1bn covered deal

◆ Reception for deal marks contrast to FIG credit ◆ New issue premium debated ◆ Tenor important for pick-up over OATs

Sarah Ainsworth, October 13, 2025