Issues

◆ Slim premium paid for popular deal ◆ Outstanding bonds ignored during pricing ◆ Good chance to pick up high spread UniCredit exposure

◆ Heightened sensitivity towards second tier issuers drives demand ◆ Jyske tier two and BAWAG senior preferred lose orders due to tighter spreads... ◆ ... but wider spreads on PBB and Arion attract buyers

◆ CAF record breaker as bond 'flies' in secondary ◆ IDA unscathed by recent volatility ◆ Investors and issuers both favour seven year segment

◆ Issuer ends dollar absence ◆ Market expected euro deal but decision was strategic ◆ Record book reveals 'pent-up demand' in dollars

Return of Nordic blocks could herald more activity

◆ Electric utilities back in size as primary reopens ◆ Strong books despite tight prints ◆ EDP joins the EuGB cohort

There have been big changes in Citi's DCM teams in 2025

Issuer blazes through smoking hot market ◆ Deal prices through fair value ◆ Spread to senior curve 20bp inside year's other tight trades

Near $1bn attrition from an order book on Tuesday shows buyers have limits

Marco Ferrari joins Stockholm office from Nordea

Bank is offering the first AT1 from Turkey since January

◆ Deal prices through fair value ◆ Strong bid for non-European names on display ◆ Trade spotted tighter post-pricing