Issues

◆ Demand drops by half during book building ◆ Final spread tightened by 45bp ◆ Deal lands through fair value

Analysts warn of spillover from potential sovereign downgrade, threatening regulatory treatment and spreads of agency bonds

The higher one climbs the investment banking ladder, the less science seems to be applied to recruitment. While trainees must suffer weeks of formal recruitment process, the biggest P&L drivers are more likely to be tapped up down the pub

Investors are unlikely to buy large new issues at the current tight spreads

◆ Bund trades 'risk-off' amid tariff caution ◆ EGB secondary hindered by summer illiquidity ◆ SSA issuance expected via taps and MTNs

Simon Bentley will be head of UK LDI and CDI

◆ Order book lifts size to €600m ◆ Deal lands flat to fair value ◆ US credits enjoy brisk summer sales in Europe

CEE has taken over as the region providing the majority of issuance

◆ EU budget ambition to cement issuer status ◆ French spreads ◆ Finally, the European bond market's consolidated tape

Better read on secondaries would help syndicates price bonds

Issuers pile in to market near multi-year tights

Looming regulation represents a stamp of legitimacy for BNPL lenders, which will lead them to public ABS issuance