EMEA

◆ New sterling five year lands after BoE Level B upgrade ◆ Dollar FRN 'snowball' as $2bn raised ◆ Callable issuance steady as zero structures cool

Issuer has the country's longest tier two curve

Break-up with Fitch over downgrade has not put off investors

Supplying a ‘diversity of instruments’ is important for sovereign to meet needs of different investors, says DMO chief

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

◆ Double-B French telecoms brings IG-style execution ◆ Demand peaks over €2bn ◆ Pipeline looks thin as uncertainty over Middle East conflict looms

The sovereign has finished international funding for 2026

◆ Investors taking 'optimistic' view of UK politics ◆ Issuer benefits from shortage of tier two supply in sterling ◆ Single digit premium paid

◆ First of two planned linker syndications for 2026-7 executed swiftly ◆ Earlier book open, quick three hour execution to limit risk ◆ £93bn of Gilts issued off year's £246bn programme since April 1

Deep, liquid US market offers issuers size, attractive cost and investor diversification

Private placements are not unknown for CEE sovereigns, but this is the biggest for years

Cost of carry will deter French issuers from pre-funding too much to avoid election volatility