Banks

◆ Priced off recent peer issue ◆ New levels found after swap spread moves ◆ Deal twice subscribed

Wendel received €750m of cash up front, about 86% of shares’ pre-trade value

◆ New norm established for NIPs and spread tightening ◆ Some investors ‘burnt by govvies’ require more premium ◆ Rival bankers agree on NIP paid

◆ Deal highlights Länder spread journey ◆ No price tightening ◆ Priced off KfW with minimal NIP

Bankers speculate about likely successor from group’s top echelons

Trade set to price at 5.4% discount as Wendel reduces stake

◆ Bankers say deal was postponed ◆ Book covers size four times ◆ 'Safety first' in current environment

◆ French bank’s insurance arm completes first tier one print less than a month after parent bank’s AT1 ◆ Deal offers heightened premium ◆ Outcome amid volatility deemed ‘pretty decent’ by rival

◆ New five year bigger than planned ◆ New dollar book record for sovereign ◆ Rare but regular issuer, 'a pleasure' of a deal

◆ Fair value calcs far from straightforward ◆ Largest book for index-linked Gilt offering ◆ Less index-linked issuance in 2025-26?

◆ Deeply subordinated issuance shows resilience ◆ Bank of Ireland completes AT1 funding but tightening brings ◆ Crédit Agricole's insurance arm plans debut RT1

◆ 'Reasonable interest' in sterling market ◆ Popular tenors accessed ◆ Neither issuer tightens pricing from guidance