Location

Market is particularly interesting for banks doing capital trades

◆Both opt for senior non-preferred ◆ Some premium ◆ Big books despite competition from other large names

◆ Singapore bank returns after lengthy absence ◆ Price tightened from 34bp area ◆ Lead banker said ‘one or two deals left in 2025’

◆ Montreal bank taps sterling for second time in 2025 ◆ Aussie comps considered ◆ Order book shrinks from £820m peak

◆ €1bn note eoffered at 38bp over mid-swaps ◆Minimal new issue concession ◆ Senior spreads 'attractive' for issuers compared to covered bonds

◆ Second EuGB bond for EDP this year ◆ Issuer 'left a few basis points to get the trade done' ◆ EDP to invest €12bn in renewable energy

Company has offered the highest yields on Saudi Arabian new issues in the last few years

Funding follows National Wealth Fund investment

◆ Are investment bank bonuses going up this year, and when does everyone get paid? ◆ How the UK government's 'binary' Budget is affecting bank bond issuers ◆ Legal pressure builds on MDBs to reassess climate impact

Investors welcome country's efforts to reduce bulging debt burden, but there is nagging worry

Books were still healthy even after plenty of dropouts

The trade was priced tight and achieved an impressive outcome, thought one observer