Weekly Covers

◆ Sterling market embraces FABN duration and issuance proximity ◆ Longest publicly marketed deal by multiple arrangers ◆ Athene pays premium in sterling but saves versus dollars

The sovereign has issued well over $10bn in just two days to fund liability management for Pemex

◆ Investors eye high beta names ◆ Possible negative premium paid ◆ Fair value debated

◆ New deal becomes longest issued by a Canadian bank since 2020 in both euros and sterling ◆ Provides clear arb to US dollars ◆ Bolsters TD's funding spree in Aussie, Canadian and US dollars

◆ First Finnish tier one FIG capital public sale in euros since at least 2020 ◆ Insurer to redeem tier two capital early ◆ First euro RT1 since July

◆ Priced over Austrian govvies ◆ Scarcity and business model help demand ◆ Saskatchewan targets 10 year

The company is offering about 25bp of premium to the Saudi sovereign curve

◆ CBRE’s debut green tightens over 40bp ◆ Prologis €1bn dual tranche prints with negative concession ◆ Corporate issuers front-load ahead of Fed meeting

Big mining merger reignites confidence in M&A

◆ Choice of three or five year tenor considered ◆ 'Intensive schedule' of investor meetings pays off ◆ Other CAD issuers likely to be 'inspired' by deal

Downgrade 'pretty much priced in' for French bank and covered paper

Heavy local demand for dollar benchmark, but international appetite for AT1 may have improved