EMEA

◆ Heathrow and ADP offer concessions for longer dated trades ◆ Investors 'more selective' and 'want to be compensated' past 7 years, says banker ◆ Avinor's state-owned status helps it land through fair value

Volatility is on the rise again

◆ Euros over dollars for Sweden's only international deal of 2026 ◆ Pricing inside KfW, good pick-up over ESTR ◆ Greece brings €3bn 10 year tap

◆ Fair value estimated ◆ 'No fatigue' despite ongoing supply ◆ Increasing international investor base

◆ Big move for AkzoNobel, three months after last trade struggled ◆ Orders peak near nine times the deal size ◆ Deal comes through fair value

Issuer has now completed dollar funding for the year, three euro deals planned for post-summer

Bank and corporate issuance from the country has surged in 2026

◆ First RT1 since January ◆ Huge order book with no attrition ◆ High-beta appetite increases further down the capital structure, lead says

◆ €18bn blockbuster executed in June ◆ Book size and quality both comparable to January ◆ Greece, Sweden to conclude sovereign pipeline for H1

◆ French rail group skips guidance after books top €4.5bn ◆ Issuer tightens spread sharply and increases deal size ◆ Hybrid format helps strengthen IG rating

◆ Last syndication of H1 was 20 times covered ◆ Book was comparable in size to January’s ◆ Smaller deal than some expected, H2 funding plan moves into focus

◆ FIG spreads show resilience to Iran war headlines ◆ Book grew after price tightened ◆ Could have tightened further on a different day, says rival banker