Euro
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◆ French firm takes €700m with unrated deal ◆ Double digit concession needed ◆ Deal prices inside debut, but returns higher yield -
◆ Wednesday's 'stand out' senior trade ◆ €1.6bn order book largest ever for BoC ◆ First transaction since acquisition of CDB Bank
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◆ Company's first euro bond since 2020 ◆ Peak books top €8.1bn ◆ Defence business angle pulls in investors
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◆ First dollar benchmark from World Bank since October 2025 ◆ 'Remarkable' size and spread achieved ◆ IDA jumps through hoops to issue SEC exempt deal
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◆ Larger 2026 programme leads to another outing ◆ Limited needs, tap works best ◆ Pricing was 1bp over secondary
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◆ Largest Australian tier two tranche since 2020 ◆ Pays slightly higher NIP than earlier deals ◆ 'Novel' structure attracts high quality order book
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Deals price tightly to Western European peers, with high-spread Icelandic banks performing the most
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◆ Books peak above €6.9bn ◆ Pricing competitive to food group peers ◆ Proceeds to refinance outstanding debt
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◆ Issuer maintains predictable approach with new deal ◆ The most oversubscribed EU syndication in 2026 yet ◆ Two more bonds priced off own curve, but it's still 'not a rule'
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◆ Euro deal more than seven times subscribed ◆ New issue premium estimated ◆ Value versus OATs and Spanish agencies
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◆ Deal lands at tight level versus SPGBs ◆ Asian and central bank bids ◆ New issue premium estimated
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◆ Tightest callable Italian tier two since 2020 ◆ UniCredit year-on-year spreads continue to tighten ◆ 80% of allocations made to 'solid real money' accounts
