Issues

◆ Borrower lands inside fair value for second year in row ◆ Orderbook ends near peak despite heavy tightening ◆ Investors say there is 'too much liquidity'

Both lenders drew solid demand

◆ Subscription ratio and spread move in line with recent deals ◆ Low single digit concession needed ◆ Small premium paid over sterling

◆ Rare 15 year trade part of multi-tranche deal ◆ Sluggish start to the day ends with €7bn final book ◆ Single digit new issue concession across all tranches

Everyone knows investment bankers’ jobs can be cut at a moment’s notice. It’s one thing when you’re experienced and have made some money. But junior bankers are just as vulnerable, and have fewer options. It’s a big problem this year

◆ Sandoz garners chunky demand for 10 year trade ◆ Trend continues for issuers to set deal parameters quickly ◆ Single digit new issue concession

◆ DOGE threatens US CMBS recovery ◆ Drill, baby, drill? Borrow, habibi, borrow ◆ Cracks appear in European credit market

Froth evaporates in unsecured FIG as corporates still fly

Tightening Japanese monetary conditions could shock markets worldwide

◆ Pace of FIG issuance in the US slows down ◆ Nordea the sole Yankee financial issuer this week ◆ Local insurers make up the rest of the primary action with senior and subordinated offerings

Pragmatism to the fore for issuers trying to price benchmarks in turbulent markets

Investors are hungry for any paper offering more than 3%