Weekly Covers

◆ Deal follows $3bn issue in February ◆ Swiss regulators may demand much more capital ◆ Similar structure to last deal

Deal was wallcrossed over two days, launched on Thursday morning

Long end deals could be on the cards for brave Benelux borrowers

Offering gets $10bn book and large retail participation

Prospect of more borrowing and investment next year did little to deter Bund yields or swap spreads

Investors and issuers unlikely to reshape plans to capitalise on wide covered levels

The government has enacted impressive reforms since 2023, but revenue collection is still weak

◆ Lack of competing issuance and high yield alternatives lure buyers ◆ £150m deal more than nine times subscribed ◆ 'Punchy' spread differential between Chesnara's outstanding tier two and new RT1

Strong demand for blocks could lead to early market reopening

Market all but certain US rates will be on pause this week, while looking for clues for September

Another Dubai real estate firm priced fresh sukuk well inside its curve

◆ UK insurer to add debt capital after equity ◆ Deal to finance HSBC acquisition ◆ Credit markets are receptive for subordinated debt