Weekly Covers

French banking groups seen as most likely candidates to step up capital issuance from their insurance arms

UK water companies rally as Cunliffe review promises seismic change

Bank intermediaries eye resurgence in profitable trades

Investors have praised the deal, and Pemex's spread to the sovereign has crunched tighter

◆ Deal follows $3bn issue in February ◆ Swiss regulators may demand much more capital ◆ Similar structure to last deal

Deal was wallcrossed over two days, launched on Thursday morning

Long end deals could be on the cards for brave Benelux borrowers

Offering gets $10bn book and large retail participation

Prospect of more borrowing and investment next year did little to deter Bund yields or swap spreads

Investors and issuers unlikely to reshape plans to capitalise on wide covered levels

The government has enacted impressive reforms since 2023, but revenue collection is still weak

◆ Lack of competing issuance and high yield alternatives lure buyers ◆ £150m deal more than nine times subscribed ◆ 'Punchy' spread differential between Chesnara's outstanding tier two and new RT1