Banks

◆ 'Modestly-sized' first syndication for FY 2025-26 ◆ Size balanced for secondary performance and liquidity ◆ DMO aims for consistency and predictability

◆ New deals land close to, if not at, fair value ◆ Book attrition visible amid competing corporate supply ◆ Seemingly no rivalry between senior FIG deals

◆ Biggest book for Rentenbank in any currency, according to lead ◆ Agency raises $1.5bn ◆ Sets stage for more dollar issuance

◆ Sovereign back again after 2024 return ◆ Record book for a conventional deal ◆ ‘Limited NIP' thanks to strong growth, rarity value

Barrier moves to client role, Robins to retire

◆ CDC raises £500m for first time ever ◆ KfW sets spread from the outset ◆ Two day execution helps distribution

UBS promotes bankers to replace leveraged finance specialist

◆ Italian bank raises €1bn after a similar euro pair last week ◆ Year-to-date euro AT1 new issuance volume is almost a quarter higher than 2024 ◆ Deal completed with minimal new issue premium

◆ Third benchmark trade from Luxembourg-based supra this year ◆ Govvie yields higher after US downgrade but issuer undeterred ◆ Execution was quick and typical

◆ Deal draws £470m book ◆ Agency has not appeared in sterling in more than two years ◆ CDC plots two-day execution

◆ Views vary on new issue premium ◆ Sterling market revived this week ◆ AT1 flurry extends

French deal lands close to its euro curve