◆ Issuer tests appetite with two stage tightening ◆ New issue concession estimated ◆ Buyers pile into Wallonia's shorter tranche

◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads

Issuance 34% ahead of last year’s opening week

New issue premiums were slim for the LatAm sovereign duo

Secondary market performance gave Austrian agency confidence to print

◆ Almost €6bn raised across seven tranches ◆ 12 years is the 'sweet spot' for supply ◆ Single digit concessions offered

Implementation necessary after wide-ranging changes last year

Bank's head of DCM and syndicate chief talk bond market expansion plans

Loans bankers wary of potential overbuilding amid Europe data centre growth

Scope of UK regulation set to be more restricted than EU equivalent

German government will spend €108bn on military next year

Taxonomy alignment and credible transition plans could be more important for issuers

Sustainable finance chief leaves Nomura for opportunity in fast-growing region enthusiastic to cut emissions

Country saw surge in syndicated lending volumes in 2025 and this year is expected to be just as strong

$450m add-on makes deal more efficient

First exclusively Estonian securitization the European Investment Bank has supported

Debt financing to become more sophisticated as the race to build data centres across Europe heats up

JP Morgan sole bookrunner on first jumbo block in a month

In this round-up, China’s securities regulator approves the consolidation of the Shenzhen Stock Exchange’s main board and the SME board, listed companies are required to update investors with information related to their environmental, social and corporate governance (ESG) efforts, and Beijing, Hong Kong and Macau further lay the foundation for a cross-border wealth management connect pilot scheme.

The spectre of imminent US-led sanctions against Russia has reappeared following the controversial imprisonment of opposition leader Alexey Navalny. While some say “Fortress Russia” will survive with or without sanctions, others believe the country’s already isolated capital markets and its access to funding could come under intense strain, writes Mariam Meskin.

The extraordinary price action in GameStop, AMC Entertainment and others' shares last week is surely leading nervous CFOs all over the world to get an at-the-money rights issue signed off, in case they win the attention of Reddit's WallStreetBets crowd and can raise equity at giddy multiples. But this is like hoping for a winning lottery ticket. For firms in the most Covid-addled sectors, a private approach will be their best shot at financing a turnaround.

First deal of its kind more than 1.5 times subscribed

Deal complexity, new issuer premium sees trade start more than 100bp wide of last WBS

Gym franchise wants to refinance paper issued in 2022