Austria

First deal from Porsche Bank's Fact shelf for 18 months

New 30 year launched even as geopolitics and volatility dampen sentiment, and the issuer explains why and how

◆ Popular 30 year 'especially good' for confidence ◆ No elevated NIPs required despite Middle East war ◆ Execution flexibility for long end tranche

Bankers confident ‘good, liquid names’ could still get deals done, windows wide open this week

Recent Italy syndication prompts talk of change in how sovereigns manage syndicates

◆ Higher rated Austrian lender offers more spread for similar senior preferred bond ◆ Big demand pushes deal inside fair value ◆ BCP still prints its tightest unsecured debt for more than five years

Sovereign explains why the ‘niche’ EGB issuer is growing more attractive

◆ Backdrop improves for sovereign’s deal ◆ Strong book allows for more tightening ◆ ’Very broad engagement’ from investors a ‘nice thing to see’

◆ Covered was first from issuer since October 2025 ◆ Spread chosen to retain quality of order book ◆ Pipeline update

◆ Austrian bank's first covered in nearly two years ◆ Both tranches offered 5bp of NIP says banker ◆ Modest 3bp tightening reflects 'normalisation' of covered market

A Swiss borrower and Austria's Egger are in the market

Industrials, real estate and telecoms were sectors that saw an uptick in acquisition financings in 2025