EMEA

◆ Book shrinks as deal pushes tight ◆ Proceeds could refi upcoming call ◆ Senior retail denoms make defining a senior/sub spread tricky

◆ Heavy coverage ratio and low attrition ◆ Investors attracted by extra spread versus KBC ◆ Adds more supply in heavy week for insurance capital

The bank has been added to DNB's list of registered covered bond issuers

The sovereign returned with a sizeable structured note

Zero NIP as country keeps focus on price

◆ Large order book with some attrition ◆ Fair value debated, with hedge funds spotting it tighter ◆ Investors turning more price sensitive, says lead

◆ Busy couple of weeks the Spanish public sector ◆ Madrid, Andalucia also printed, Basque next ◆ 1bp of NIP paid on slightly softer day

DLT expertise will be needed as markets are modernised

◆ Triple-B pair each print no-grow €500m deals ◆ Technip Energies enjoys slim concession ◆ Clariant ends 14 year absence with large, sticky orderbooks

Books on the dollar deal opened just hours after Iran attacked the country

◆ Week's third FIG sterling deal to take advantage of opportunistic Gilts arb this ◆ Issuer's second sterling deal this year ◆ Follows multi-tranche yen issuance across the capital stack

Israeli issuer called its previous tier two early last year