EMEA

Orders peaked at over three times the issue size

French bond markets were blasé despite the prime minister's shock resignation

◆ Smaller Italian bank has limited name recognition beyond home territory ◆ But strong book thanks to positive sentiment towards country ◆ Wide range of southern European banks used as comps

◆ Deal ASTM's first in euros since 2021◆ Strong demand allows for tight pricing ◆ IG corporate volumes healthy despite market noise

Banks still keen to lend in France amid renewed political uncertainty

◆ French political turmoil 'largely isolated' as Piraeus sets new Greek AT1 records ◆ Euro unsecured market 'strong and resilient' ◆ Orders peak above €3bn but lack splash of recent AT1 books

Deal will be the first since the Sparebanken Vest and Sparebanken Sor merger

Recent Slovakian paper to guide pricing for the upcoming Czech deal

Secondary trading has been weaker in the last two weeks, but investors are still keen on issuance

Falling oil prices and lower production are hurting Angola's weak public finances

The wealth fund hopes to secure a funding arbitrage compared to dollars

◆ Italian masts company increases seven year deal ◆ Orders sticky during bookbuild ◆ Low single digit premium