Issues

◆ Inaugural deal almost seven times covered ◆ Unrated paper rare but still in demand ◆ Wide range of media comps used

Chancellor’s fiscal headroom surprisingly doubles but backloaded consolidation efforts raise concerns

French biotech seeks to accelerate cancer vaccine program

◆ First euro benchmark for Poste since 2021 ◆ 35bp move from IPTs beats 2025 average ◆ Moody's upgrades long-term issuer rating this week

◆ More foreign capital deals in Australian dollars are 'definitely' expected next year ◆ Offshore issuance to institutional investors preferred ◆ BNPP make substantial savings versus US dollar levels

Shentel priced deal at wide end of guidance

Deal is only fourth accelerated sale in a quiet year for Saudi blocks

Regulator and winning bidder file in High Court to lift injunction on contested contract

◆ Dutch bank prices at 34bp, tighter than earlier deals ◆ Order book of €1.9bn, nearly four times the size

Issuer to fund €6bn-€7bn next year, will be active in January

Green lending ramps up in part due to data centre growth, but volume still much smaller than SLLs

◆ Late start followed with quick updates ◆ Fair value debated ◆ Greek paper getting 'too tight' for some investors