Location

◆ Deal hits size and price targets ◆ Starting spread catches investors' attention ◆ Small pick up offered over OATs

About 30% of the deal expected to go abroad as other EM discount retailers will serve as comps

Execution impresses as sovereign found itself in sub-par market conditions

Average new issue concessions a fraction of what they were a year ago despite almost double the volume being priced

Creditors can and will be bumped down the pecking order at the time when it matters most

◆ First KDB public sterling deal in seven years ◆ £250m bond could be first of many as issuer diversifies ◆ SSA transition ongoing, euros in focus for 2025

The Abu Dhabi Pension Fund, Bahrain's sovereign wealth fund, Emirates International Investment and the Oman Investment Authority have promised to buy shares, with more long-only accounts in the book as anchors

IG corporate buyers awash with cash on the lookout for opportunistic euro trades

◆ French govvie performance to support sentiment ◆ Recent French covered bonds spotted tighter ◆ Fair value considerations revealed

Marex sponsor sell-down and Elixirr executive sale follow IPO of Applied Nutrition and Coca Cola's listing transfer

More Friday deals a possibility as volumes are expected to pick up after the US election

Embattled water company already has £1.5bn backstopped as it fights for its future