Europe

Aluminium and copper processor increases share capital by 16%

◆ Only euro IG corporate deal on Monday ◆ Issuer slashes the spread and increases size ◆ Single digit concession spotted

SSA issuers increase focus on PPs amid quieter period for public markets

Higher Gilt rates have powered yields on credit, making up for tight spreads

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

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

◆ 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