Weekly Covers

◆ Second euro social bond this year ◆ Book continued to grow between guidance and allocation ◆ Spread tightens 33bp to land near fair value

◆ French issuers weighing deals for next week ◆ 'Smaller projects' may come this week ◆ Blackouts blamed for Wednesday's drop in issuance

Demand well above expectations, given books opened on an FOMC rate decision day

Some price discovery needed due to sukuk format and long tenor

As with other private placements from Africa, observers have questioned the merits of the format

Inaugural government deal could come in late 2026 or early 2027

◆ Deal executed after 7bp of tightening ◆ Banker said spread represented fair value depite busy day for euro issuance ◆ Deutsche Kreditbank goes long amid thriving Pfandbriefe issuance

When staff complain, they deserve a fair hearing, not a wall of silence

First Canadian province to visit euros in 2026

◆ Hedge funds dominated when book opened ◆ High quality accounts arrived later ◆ New issue concession estimated

◆ UK lender stays patient for volatility to subside before commencing unsecured euro funding ◆ Investors show strong support for both tranches ◆ Pricing at fair value, though some debate on longer leg

Global investors are turning to European private credit