Weekly Covers

Czech defence firm set for year's first European IPO

◆ Principality Building Society amasses £1.05bn order book ◆ 50bp was best-case target says banker on deal… ◆ …and investors welcomed new UK covered issuer

◆ Belgian investment firm returns after two-year absence ◆ Strong 10 year point draws hefty demand for extra spread ◆ Orderbook attrition stays low

◆ German state brings fresh paper after KfW sets benchmark ◆ Appropriate spread to KfW dominates discussion ◆ Has market weakened from last week?

◆ Sovereign's first syndication this year may not be its last ◆ Book of ‘great quality’, lots of top tier demand ◆ ‘Defensive’ approach after sovereign outperformed

◆ Deal came on busy day with €13bn of volume across secured and unsecured FIG issuance ◆ €2.1bn final book ◆ Flat to fair value or even negative concession

◆ Landesbank returns to benchmark capital issuance for first time since 2021 ◆ Gathers attention of bigger investors in busy FIG market ◆ Italy's Banca Ifis completes first tier two foray in more than five years

The issuer made a swift return to the primary market after its first dollar Global of the year to take advantage of the 'depth and strength' of the sterling market. A euro ESG bond is still on the agenda

Issuer is the only Armenian bank that has printed on the international market

◆ Spacing out of trades has 'not been a consideration' ◆ Bank treasuries grabbing spread over asset swaps ◆ Central bank interest 'higher than previously'

Ahmed Siddiqi has worked for the Japanese bank for over 10 years

Finding right pricing ‘not easy’ but issuer navigates challenges to score record book and put important pricing point on euro curve