Issues

The country offers huge potential and possible pitfalls for investors

Country's sovereign bonds will react well to an opposition victory, but an Orban win will prompt a sell-off

◆ French bank swiftly acts after spreads tighten following ceasefire rally ◆ Fair value spread returns to pre-war level ◆ Bank pays small new issue premium

◆ Spread was tightened by 5bp through execution ◆ Order book was ‘high quality’ says banker ◆ Norweigan bank's first covered since October

◆ Deal met issuer's expectations says banker ◆ Issuer's previous euro covered was in September 2024 ◆ Managers picked comps priced 18bp-31bp over

◆ US-Iran ceasefire lifts market sentiment ◆ Hochtief, Verbund draw strong demand in the belly of the curve ◆ SoftBank, Naver, General Mills join swelling pipeline

◆ Timing was everything ◆ Tight NIP on complex fair value ◆ Size and price discipline

Concession was higher than trades from earlier in the year

Turbulent market conditions of the Middle East war have pushed bond issuers and investors to try new things

◆ Belgian bank captures strong investor commitment ahead of US deadline for Iran ◆ Execution completed in tight, fast-changing window ◆ New deal lands 10bp wider than its previous SNP with a similar concession

No corporate deals emerge as markets wait for Trump's time limit on Iran to pass

Sovereign's trade will form a yardstick for concessions investment grade CEEMEA borrowers may need to offer