Weekly Covers

◆ Euro benchmark deal fixed at €1.5bn ◆ Banker said new issue premiums down slightly ◆ Lead managers picked comps at 23bp over mid-swaps

Concession was higher than trades from earlier in the year

Funding costs and new issue premiums are much higher than GCC issuers are used to

A piece of very rare African senior bank issuance could also come this week

Turbulent market conditions of the Middle East war have pushed bond issuers and investors to try new things

Norwegian issuer returns to dollar market after eight year absence

◆ VUB places 'solid trade' ◆ Both issuers offer decent new issue premiums ◆ DZHYP syndicate want everything done before US opens

◆ Belgian bank captures strong investor commitment ahead of US deadline for Iran ◆ Execution completed in tight, fast-changing window ◆ New deal lands 10bp wider than its previous SNP with a similar concession

Volatile markets and a backlog of deals could push premiums higher

Issuer nearly 40% funded for the year with three more deals potentially still to come

Reports of 'some backlog' of SSA deals from March due to volatility

No corporate deals emerge as markets wait for Trump's time limit on Iran to pass