Issues

Facility features accordion option

Offering gets $10bn book and large retail participation

Prospect of more borrowing and investment next year did little to deter Bund yields or swap spreads

Investors and issuers unlikely to reshape plans to capitalise on wide covered levels

◆ US telecom prints long seven and 12 year bonds ◆ Deal upsizes to €2bn ◆ Spreads on both legs tighten by 38bp

The government has enacted impressive reforms since 2023, but revenue collection is still weak

Why remembrance of things past will soon include the traditional relationship between French covered and sovereign bonds

◆ Lack of competing issuance and high yield alternatives lure buyers ◆ £150m deal more than nine times subscribed ◆ 'Punchy' spread differential between Chesnara's outstanding tier two and new RT1

Chancellor of the exchequer, Rachel Reeves has internalised the 2022 Gilt crisis

Company focuses on renewable energy and solar, wind and energy storage systems

◆ Final order peaks at 8.6 times subscribed ◆ Spread tightens by 38bp from initial thoughts ◆ Investors flush with cash chase limited supply

Borrowers said to question for how long tariff agreement will last