Issues

Why remembrance of things past will soon include the traditional relationship between French covered and sovereign bonds

◆ Lack of competing issuance and high yield alternatives lure buyers ◆ £150m deal more than nine times subscribed ◆ 'Punchy' spread differential between Chesnara's outstanding tier two and new RT1

Chancellor of the exchequer, Rachel Reeves has internalised the 2022 Gilt crisis

Company focuses on renewable energy and solar, wind and energy storage systems

◆ Final order peaks at 8.6 times subscribed ◆ Spread tightens by 38bp from initial thoughts ◆ Investors flush with cash chase limited supply

Borrowers said to question for how long tariff agreement will last

◆ Demand drops by half during book building ◆ Final spread tightened by 45bp ◆ Deal lands through fair value

Analysts warn of spillover from potential sovereign downgrade, threatening regulatory treatment and spreads of agency bonds

The higher one climbs the investment banking ladder, the less science seems to be applied to recruitment. While trainees must suffer weeks of formal recruitment process, the biggest P&L drivers are more likely to be tapped up down the pub

Investors are unlikely to buy large new issues at the current tight spreads

◆ Bund trades 'risk-off' amid tariff caution ◆ EGB secondary hindered by summer illiquidity ◆ SSA issuance expected via taps and MTNs

Simon Bentley will be head of UK LDI and CDI