Euro

◆ 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

◆ RBC's second euro dual trancher of the year ◆ Takes large size in very busy market ◆ 'Nice' to price 4NC3 10bp inside Morgan Stanley, lead says

The World Cup is being played outside European trading hours, but don't underestimate its potential for disruption

◆ Deal is joint tightest in the asset class since October 2021 ◆ Finishes with larger book than Nordea's November 2025 outing ◆ 'Flight to quality', outright rates and search for sub paper power strong outcome

◆ Supra prices inside peers’ seven year deals ◆ Slim NIP paid after 3bp tightening ◆ ‘Very strong day’ for SSA market

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

◆ UMG takes €1bn with first public trade in three years ◆ Trade punches through fair value ◆ Investors not concerned by AI or M&A

◆ €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