Weekly Covers

This week saw a 79% drop in euro volumes from same time last year

The food maker made its bond market debut in May

◆ Austria bank compresses funding cost as investors remain avid buyers of tier two bonds ◆ Product described as 'most attractive' within the FIG capital structure ◆ Deal lands with negligible premium, if any

◆ Water company tests demand in a troubled sector ◆ Deal size increased to £450m ◆ Spread tightened 15bp inside the tight end of initial thoughts

◆ Deal appears tight compared to recent supply ◆ 'Decent' pick up paid over SSAs ◆ Slim premium offered over Nordic peers

European stocks have outperformed but IPOs have lagged

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