EMEA

Bookbuilding slower than normal due to the restart of war between the US and Iran

◆ Issuer brings another pre-summer deal to fund enlarged programme ◆ Tightening possible despite weakened backdrop ◆ Book not huge but quality 'extremely high', spreads 'decent' to KfW and Land NRW

Swiss healthcare real estate investor’s placement of up to Sfr250m is the market’s largest this year by transaction size

◆ Issuer has only €2bn left to fund this year ◆ US-Iran war and French election news weigh on sentiment ◆ Curve widens, NIP hard to pin down

◆ Second public sterling covered bond secured against BTL mortgages ◆ Spread gap compressed versus prime covered bond peers ◆ Small premium paid

◆ UK defence company returns after seven year absence ◆ Sticky book as investors seek rare sterling supply from the sector ◆ Deal pays only small single digit concession

Buyers are tiring of Gulf capital trades after a busy first half

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

◆ 'Largest' corporate EuGB and German utility debut in euros ◆ Transmission operator plans €67bn of capex in 2026-2030 ◆ Peak combined demand surges past €22.2bn

◆ 'Tremendous books' for bloc's first H2 syndication ◆ First of 10 operations to raise €80bn by December ◆ NIP judged to be less than 2bp

Nato members and Ukraine join forces in leading global defence bank as UK and three others pursue MDM project

Hires bolster M&A, ECM, and leveraged and acquisition finance teams