Europe

◆ Good capital issuance window for smaller UK financial institutions ◆ Both use liability management to refi ahead of calls ◆ Close Brothers paying hefty coupon due to heavier motor finance exposure

◆ Terna sets new senior/sub spread record ◆ Aroundtown lands flat to secondary ◆ Investors are hungry for high yielding paper

◆ Cautious start after spreads moved around ◆ KfW's spread tightens, but Länder unmoved ◆ ‘Real’ Länder-KfW spread yet to be established

◆ Leads increase deal size due to demand ◆ Book kept growing after reoffer tightened ◆ Gap between Greek and Italian spreads shrinking, says rival banker

◆ Australian bank planning €500m covered ◆ Issuer's first euro deal since September 2023 ◆ Barclays, Natixis and UBS are lead managers

Three trades have come in as many days

◆ CSG's IPO and the rampant investment for defence companies ◆ Ukraine issuer back in bond market ◆ Fomo sapiens: investment bankings most joyless

Issuer braves market volatility to move ahead alone ahead of competing supply, achieving largest unsecured book

Investors proved eager to pick up the first CEE corporate bond in euros of 2026

issuer identifies 'most important' syndication metric amid rising international interest

◆ Deal follows new regime for UK water companies ◆ Strong bid helps secure tiny NIP ◆ Outcome could tempt others to follow

Sovereign explains why the ‘niche’ EGB issuer is growing more attractive