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Issuers have frontloaded their core currency funding and could benefit from turning their attention to other projects as the year draws to an end

◆ Strong local demand shows eagerness to buy Aussie covereds at new, tighter levels ◆ RBC prices in line with CIBC's reopener of dormant sector ◆ Onshore demand seen supporting issuance up to five years

Reforms should focus on banks' access to liquidity, not capital

Proceeds earmarked to refinance upcoming maturity

The trade may persuade other top-tier GCC sovereigns that the public market is open

Green investors buy when everyone else stops, giving issuers one last pricing lever — perhaps to cross a line none of them wants to reach

Strong appetite from international banks for first gigascale 24/7 solar plant

Greenshoe option fully exercised, bringing deal to €330m

Uzbek issuance has fallen to near zero after a busy few years

◆ Issuer’s first public dollar deal since late 2021 ◆ New five, 10 and 30 year offered simultaneously ◆ Interest from European sovereigns grows for dollars

Sovereign curve has rallied since Orban left after 16 years in power, but Hungary is in a fiscal hole

◆ Scottish Hydro tests long-dated sterling demand ◆ Tight pricing limits further tightening from guidance ◆ Cadent extends its euro curve with 10 year trade