Weekly Covers

◆ Only 4bp paid over theoretical new KfW ◆ Länder bonds continued to be seen as expensive ◆ Will bank treasuries switch to EIB from Länder?

Bpifrance pounces to sell Technip block after shares leap

◆ Sovereign serves up first 30 year SSA deal in two months ◆ Cost-sensitive issuer opts for limited size ◆ Very small NIP, even by German standards

◆ Brewery group brings unusual 1,000 year maturity ◆ Yield pick-up draws bumper books across both tranches ◆ Tender offers also announced

Huge geographical range of credits now on offer

Dollar sukuk prices tight to secondaries, but the issuer's spreads are much elevated since its last print

◆ Booking raises €1.9bn across three legs ◆ Amphenol prints €1.1bn dual trancher ◆ Both deals land near fair value

Former BNPP banker returns to market

Changes span global markets and risk management

Reframing inflation might produce a more palatable number but is not always a great idea

◆ British issuer tightens both tranches 6bp ◆ Spreads in line with comparables ◆ Lloyd’s first covered since its sterling deal in March

◆ UK bank uses the first issuance window after earnings, central bank meetings and holidays ◆ Deal coincides with busy euro credit market ◆ Barclays attracts attention with relevant new issue concession