Weekly Covers

◆ Italian issuer's first covered since June 2023 ◆ Demand for seven year tranche was pleasing, says one banker ◆ Scarcity helped demand for euro transaction

◆ UMG takes €1bn with first public trade in three years ◆ Trade punches through fair value ◆ Investors not concerned by AI or M&A

◆ €18bn blockbuster executed in June ◆ Book size and quality both comparable to January ◆ Greece, Sweden to conclude sovereign pipeline for H1

◆ Belgian bank fixed the deal size at €750m ◆ Issuer's first covered since January 2025 ◆ Third Belgian covered in just over a week

◆ French rail group skips guidance after books top €4.5bn ◆ Issuer tightens spread sharply and increases deal size ◆ Hybrid format helps strengthen IG rating

Banker had been with the firm since 2024

◆ Last syndication of H1 was 20 times covered ◆ Book was comparable in size to January’s ◆ Smaller deal than some expected, H2 funding plan moves into focus

◆ Province lands £600m 2030 debut inside British Columbia ◆ Book tops £1.8bn as investors back high-grade Canadian name ◆ Cross-currency basis and Gilt spreads keep sterling window open for Canadians

◆ Priced 5bp through TD's equivalent euro level, lead says ◆ Bank's first sterling deal in three years ◆ Joins rush of FIG issuance in currency

◆ Lead points to high-quality book ◆ Subscription ratio slips from prior tap ◆ Maturity had 'pretty clear consensus'

◆ Larger than average tranche sizes and price moves ◆ Encouraging sign for sterling issuance ◆ NIP debated

◆ First in-life registrar and blockchain change ◆ Digital premium compresses from 10bp to 3bp ◆ Deal draws first international investor