Issues

Book drops almost €2bn from peak as not all investors chase deal down

◆ Order book swells to over seven times subscription ◆ Minimal premium ◆ Achmea mandates for green senior

Issuer to fund €4bn-equivalent across US dollar, euro, sterling and Swiss markets

Some bonds have tightened, suggesting fixed income investors wanted new leadership

Variation over fair value calculations but deal still performs

The country's fiscal position is weak, and the prospect of downgrades may arise in future

Borrower joins growing rank of €5bn-plus refinancings in recent months

◆ UK firm syndicates first dollar covered since July ◆ Benchmark print offers 'modest' concession ◆ Dollar supply down significantly from last year

Charles Dickens was the architect of much of what we associate with this time of year through A Christmas Carol. Some of his other creations had a lot to tell us about how to get paid in the annual bonus round too

More dilution to come

◆ French bond issuers' tough time ahead as PM fights to get budget through ◆ Trump tough talk on tariffs' threat to emerging markets◆ Investors give IPO sellers the silent treatment

Bank issuers may soon reinstate long dated senior issuance in euros as long as they swallow costs of steeper credit curves