Weekly Covers

Curve underperformed but ‘there is demand at these wider levels’

The bank secured a small funding arbitrage compared to dollars

◆ Issuer takes advantage of capped size ◆ Rarity element provides tailwind for tight pricing ◆ Others take different markets as Nordea stays local for AT1 and Allianz eyes dollars for RT1

Cell and gene therapy company plans US expansion

◆ Issuer takes 'pragmatic approach' ◆ Premium paid debated ◆ Bank treasuries target key level

◆ Belgium arm takes size with first deal since February 2024 ◆ Slim premium paid ◆ More Benelux supply expected

Company looking to become a frequent face Down Under

Principal repayments coming due but Bolivia's foreign exchange coffers are bare

Middle East borrowers are looking at Asian currencies after a Formosa drive this year

More steepening expected for both govvie and swap curves for rest of 2025 as crucial date for Dutch pension reform draws near

New issue premiums to be small or negative

Core Europe to lead the charge but without German issuers