EMEA
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◆ Three issuers across the A-rated spectrum ◆ L’Oréal brings the biggest deal at €1.75bn ◆ Edenred and APRR print €500m no-grows -
◆ French bank built €8.6bn order book ◆ Strong performance underlines demand for 10-year covereds ◆ Covered note bank's third deal in three days
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◆ Five year deal soars ◆ Issuer upsizes deal on strong demand ◆ Minimal to no concession paid
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◆ UniCredit finds ample demand for dual-trancher ◆ First issuance since Moody's upgrade ◆ NatWest leaves 2bp of NIP for investors
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◆ Almost €6bn raised across seven tranches ◆ 12 years is the 'sweet spot' for supply ◆ Single digit concessions offered
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Demand was near three times the size of the state-owned bank's deal
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Hungary took euros on Wednesday and showed investors have a taste for shorter paper
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Demand for a senior trade from Israel was high on Wednesday
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◆ 2026's first euro capital trades from insurance companies ◆ Pair attract more than €5bn of orders ◆ Minimal or even negative concession paid
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Sectors shape up as main sources of corporate syndicated lending demand amid renewed geopolitical uncertainty
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◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche ◆ Both tranches priced close to fair value
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◆ Both deal and book sizes break records ◆ 'Normal' pricing approach and NIP paid ◆ Portugal, Italy next up
