Weekly Covers

◆ Japanese telco brings deal after two day roadshow ◆ Shorter tranche leads demand ◆ Italgas pushes through with €750m six year

Korea Land and AIIB pick off small Swissie trades

Nigeria plans a total return swap, following peers on the continent in the last 12 months

Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play

Iran ceasefire rally could draw out more issuance before expected May rush

Busy and ‘euro-heavy’ week ahead but dollar pipeline also building with issuers set to bring forward bond plans

Honda bags $2bn, Enterprise Mobility $3bn

Even if ceasefire succeeds, investors will still want a risk premium

Smaller order books and tighter new issue premiums characterise new phase

Foreign bank issuers secure tight pricings

◆ UK lender chooses home market for first major bank capital deal in sterling or euros in nearly two months ◆ Similar absence of unsecured FIG issuance ◆ Tier two best positioned for sterling restart, says lead

◆ New deal launched at very similar fair value to previous one from September ◆ Italian bank pays higher NIP than before ◆ Timing a consideration as ceasefire sparks rally