Issues

Biggest block for eight years was paired with exchangeable bond and buy-back

- Are EU bonds govvies yet? - Fast moving credit market develops strange rattling noise - Debt-for-nature: from the Galapagos to the developing world

Sustainability-linked structures are under pressure across asset classes

Ecuador to push ahead with blue bond for Galapagos despite political clouds

Retail investors will provide European ECM deals with much needed liquidity, but unsophisticated investors need protection

A growing number of competitors are jostling to bring retail investors into IPOs and capital increases, but some bankers and big funds are pushing back

Funding glut could deliver second best February

Lenders are slowly beginning to claw back some safeguards, but many doubt they will get far

Lacklustre earnings and rising rates put pressure on tight spreads

Issuers will need to offer more generous concessions as they return from blackout, despite a stellar start to the year in the primary market as investors recalibrate strategies in search of spread direction

Central banks will turn dovish, but timing when is a mug's game

Three main factors mean the market is still to be convinced that bloc is a govvie borrower