Weekly Covers

Property group raised R2.65bn compared to its goal of R2bn

The issuer kept away from the primary market for a few days due to volatility

Fewer new deals are pulling lenders' attention back to existing companies

◆ Fair value 'a bit tricky' ◆ Scarce and interesting ◆ Issuers need to be realistic

◆ Citi achieves 'strong outcome' ◆ Pricing flat or close to fair value ◆ Sentiment 'more positive than in previous days'

Issuer navigates US-China trade spat, and bond tightens to 1bp inside fair value the morning after pricing of tap

◆ One of the widest euro IPTs this year in IG corporate ◆ Demand rises during book building ◆ Single digit new issue premium

Investors are nervy over trade tensions between the US and China

◆ Axa prints RT1 and tier two on same day three French insurers announce deals ◆ Tier two demand surpasses RT1 interest ◆ Most subordinated capital still attainable at 'no-brainer' cost of funding

◆ €18.5bn demand for €1bn tap ◆ ‘Really fantastic’ deal completes 2025 funding ◆ 'Very tight' Bavaria struggles to attract

Market participants are invited to give their views on the outlook and expectations for the FIG market in 2026

◆ Rare pricing against Sonia swaps ◆ Reverse enquiries drive deal ◆ Relative value against SSAs