Currencies

◆ Issuer's second largest book ever ◆ Last benchmark of year ◆ Average NIP has shrunk this year

◆ Priced over Austrian govvies ◆ Scarcity and business model help demand ◆ Saskatchewan targets 10 year

Banker had worked at DB for 14 years

◆ A3 rated exchanges group prints long three and seven year paper ◆ Orderbook holds firm at £4.5bn ◆ Sterling depth proven ahead of BoE decision

Some deals struggled to get covered, but overall subscription ratio has been high

◆ Simultaneous tenders power new capital offerings ◆ Caixa issues tight and longer AT1 structured to refinance old capital early ◆ Permanent TSB's first tier two in more than four years ends in a blowout

◆ CBRE’s debut green tightens over 40bp ◆ Prologis €1bn dual tranche prints with negative concession ◆ Corporate issuers front-load ahead of Fed meeting

Big mining merger reignites confidence in M&A

◆ Choice of three or five year tenor considered ◆ 'Intensive schedule' of investor meetings pays off ◆ Other CAD issuers likely to be 'inspired' by deal

Downgrade 'pretty much priced in' for French bank and covered paper

◆ Eager investors help book building momentum from early on ◆ UniCredit lands third non-preferred tranche of 2025 inside fair value, say leads ◆ Even ABN's lower-yielding green senior preferred comes near FV

Rating changes to EFSF, French agencies yet to come, impact expected to be minimal