Weekly Covers
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◆ First deal in sterling since UK budget ◆ Book falls as deal prices tighten ◆ More sterling supply expected before Christmas -
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Taxonomy alignment and credible transition plans could be more important for issuers
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Markets adjust to bumpy French political landscape as it mimics past Italian wobbles
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Stamp duty holiday for IPOs still leaves UK with one of highest taxes on trading
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Light opportunistic dusting expected, but prohibitive pricing to put off non-sterling funders
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Steeper curves cloud long-dated issuance for next year, with reordering of relative value pecking order to persist
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There have been trades after Thanksgiving in each of the last three years, suggesting new bar could be set
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◆ Fourth French bank senior deal in a row this week ◆ Smaller issuer times execution to follow bigger banks' prints ◆ Arkéa's third senior preferred deal of 2025 is prefunding
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Despite next year's funding needs remain limited to around €8bn, the sovereign is confident its positive story will help its spreads maintain their outperformance
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◆ Praemia refis at a tighter coupon ◆ Schneider lands tight at the short end ◆ Minimal concessions needed
