Weekly Covers

◆ Functioning market for debut and lower tier borrowers despite spike in political volatility ◆ Kommunalkredit Austria prints rare tier two as mBank prepares debut ◆ Malakoff Humanis raises €750m for growth

◆ Investors offered identical deals at each end of the rating spectrum ◆ Sanofi appears to come flat to fair value ◆ Both get more demand for seven year tranches

Fair value might in the low 200bp area over swaps

Province ‘well within comfort zone’ with borrowing target despite enlarged deficit

Senior bond market participants say Europe has once-in-a-generation chance to take a chunk of US hegemony

Data centres face 'unquantifiable existential' risk

◆ Investors scooping tier two debt across markets ◆ BNP Paribas takes advantage with third print of the year ◆ Rare German insurer Gothaer increases funding

Delayed drawdowns are more common in private credit

BEH offers rare chance to buy non-sovereign Bulgarian debt

◆ Insurer appears amid 'great' market ◆ New deal is seen offering no new issue premium ◆ Tier two capital 'appears' to be refinancing legacy perp, says CreditSights

◆ NordLB achieves price with capped size ◆ Commerzbank squeezes €750m from slim book ◆ Low single digit premiums paid

◆ Takes larger size than expected ◆ Tightens 3bp to leave minimal premium ◆ French issuers fairly well funded before the summer