Austria

◆ 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 has already closed books and Austria's Egger will soon

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

Next year's programme will be similar in size and strategy to 2025's, but adds something new

◆ Belfius pre-funding for 2026 ◆ RBI deal more than seven times subscribed ◆ Softness earlier in the week 'just a blip'

◆ Investors gulp down Heineken's second euro deal in two months ◆ Slim premiums needed ◆ Books fall as LSEG and OMV price tight

◆ 'Rocking' book over 4.5 times covered ◆ Slim premium leaves room for performance ◆ Austrian undersupply supports demand

No 'pronounced' pick up to Austrian national champion names expected