Weekly Covers

Big demand but no ‘saturation’ just yet even with secondary market wobbling as issuers reward changing hedge fund behaviour

Deals across several tenors on the same day are becoming more common in 2026

Direct lending default rates tick higher amid notable distressed situations

◆ Opec Fund grabs record book ◆ NIB hits tight pricing ◆ Tight issuers could run into ‘resistance’

◆ Fourth French bank to print senior bond in euros this week ◆ Tenor becomes more popular as deal garners largest book among compatriots ◆ Priced flat to fair value but with pick-up to core Europe

◆ Six year bond trades lower in secondary market ◆ Deal a first for Slovakia, says banker ◆ MPS closes its first covered of 2026

◆ Sfil and LCFB premiums assessed ◆ French political instability not a problem ◆ 'French brothers turn up' for LCFB long 15 year

Copper power component manufacturer seeks to raise €190m

◆ Attractive yields allow for tight spreads in sterling ◆ Manchester Airport flies in with £300m long 10 year ◆ Further sterling supply could follow

Front end floaters fly for auto names in private placement format

◆ Busy week for euro capital trades ◆ Fair value disputed ◆ 'Yield buyers' running the market, rival banker says

◆ Largest book of the week for a euro tier two ◆ Priced flat to fair value ◆ 'Sensible' pricing, rival banker says