Weekly Covers

Borrowers have been busy already this year so the pressure to issue is off

◆ Heathrow and ADP offer concessions for longer dated trades ◆ Investors 'more selective' and 'want to be compensated' past 7 years, says banker ◆ Avinor's state-owned status helps it land through fair value

Kookmin Bank goes digital in dollars, yen issuance ahead of BoJ, as Volkswagen meets euro demand

◆ Insurer's debut in euros, having issued in US dollars and sterling ◆ Took larger end of size range ◆ Deal offers relative value to Aussie banks, lead says

◆ CEB's funding officer Anne Flori on transaction ◆ CEB clears over 80% of its yearly programme target ◆ Opportunistic issuance comes next

Volatility is on the rise again

◆ Follows RT1 from Crédit Agricole ◆ Still ample demand for insurance capital, rival banker says ◆ Cardif's third capital trade since November

◆ Wide range of investors buy highly rated bonds ◆ DNB achieves one of the tightest spreads since Covid-era QE days of 2021 ◆ SpareBank 1 SMN extends euro senior curve by two years

◆ Euros over dollars for Sweden's only international deal of 2026 ◆ Pricing inside KfW, good pick-up over ESTR ◆ Greece brings €3bn 10 year tap

◆ No bitter unrated taste as book grows throughout pricing ◆ Investors keen for household unrated names ◆ Price discovery needed

◆ Fair value estimated ◆ 'No fatigue' despite ongoing supply ◆ Increasing international investor base

◆ Stellantis sees stronger demand for shorter leg of €1.25bn dual trancher ◆ RCI Banque prices €750m 5.2 year tightly ◆ Ford finds demand in short end sterling