Issues

When you reflect on your banking career — the thousands of pitch books, the countless analyses, iterations, scenarios, recommendations, and timetables — the gnawing question is whether you ever really added any value. Were you a strategic advisor and master tactician or just a Willy Loman with more air miles?

◆ Issuer hits a market embracing every type of FIG deal ◆ Big order attrition but no concession paid ◆ CCF prepares to optimise tier two capital well ahead of call

Deal replaces facility due to mature next year

◆ Deal lands flat to recent Pfandbriefe ◆ No concession needed ◆ Tight domestic spreads drive Nordic investors towards euro prints

Company outlook moved to negative though it remains investment grade

Deal lands close to fair value but orderbook attrition remains high

◆ Using the bond market to boost European security ◆ Africa nears sovereign debt stabiliser ◆ Sterling's ESG problem

Market debates whether a new SSA borrower or repurposed European supranational would better fund European security as US dials up pressure

The government should choose to implement the policy after much deliberation

Single digits separate core and non-core euro covered spreads

Other markets overshadow labelled public sector issuance in sterling

Some FIG primary trades experienced big attrition levels this week in a sign that dynamics could be shifting