Issues

Sectors shape up as main sources of corporate syndicated lending demand amid renewed geopolitical uncertainty

◆ Cades and IADB both print July 2031 lines ◆ Secondary performance shows investor appetite ◆ Order books lower than earlier this week

◆ Both deal and book sizes break records ◆ 'Normal' pricing approach and NIP paid ◆ Portugal, Italy next up

◆ British building society places first sterling covered of 2026 ◆ Order book surpasses £3bn ◆ First tranche hit fair value, second offered 2bp premium

◆ Deal attracts €5.5bn of orders ◆ Big book enables issuer to take size ◆ Price included minimal concession

◆ Deal is heard more than 12.5 times subscribed despite slim, if any, concession ◆ Investors 'scrambling to get more risk' ◆ New trade precedes 10 year covered bond and follows $3.3bn triple-tranche Yankee

European CLOs have fewer negative cash balances as managers avoid weaker credits

Meanwhile, Saudi lenders are pricing their first subordinated trades of the year after a record 2025

Several moves in emerging markets

◆ Canadian bank priced the only covered bond on Tuesday ◆ Lead said issuer paid just outside fair value ◆ Sfr325m deal was 'a strong outcome'

Positive signs abound, yet deals still to materialise in EMEA

◆ EIB sells customary five year into record demand ◆ ADB brings ‘terrific’ and ‘incredibly strong’ 10 year ◆ More 10 year deals to come still with spread and yield both attractive