Barclays

◆ OCBC's prices first covered bond since April 2025 ◆ 10th Asian covered issued in 2026 ◆ Order book peaks at over €2bn but lost €400m

◆ British issuer tightens both tranches 6bp ◆ Spreads in line with comparables ◆ Lloyd’s first covered since its sterling deal in March

◆ UK bank uses the first issuance window after earnings, central bank meetings and holidays ◆ Deal coincides with busy euro credit market ◆ Barclays attracts attention with relevant new issue concession

Facebook owner followed Oracle, Amazon and Alphabet with a six tranche dollar deal

Europe’s self-proclaimed investment banking champions are playing to their strengths, but remain far behind US peers

No covered bonds have been issued in primary since Tuesday

Crédit Agricole CIB's head of covered bond and SSA research expects premiums to stay at current levels

◆ French lender has placed €3bn of covereds already this year ◆ Order book peaked at just below €2bn ◆ The bond was 1bp outside French government debt, a banker said

◆ UK lender's sixth public dollar covered bond of 2026 ◆ Issuer has placed dollar, sterling and euro covereds this year ◆ Deal size fixed at $1.5bn from $1.95bn order book

Smaller order books and tighter new issue premiums characterise new phase

◆ Portuguese bank tightened spread by 3bp ◆ First covered from issuer since October ◆ Banker said this is 'good level for issuer'

◆ Sterling benchmark deal was printed at £1bn ◆ Fourth sterling covered from Canadian issuer in 2026 ◆ Lead managers picked comps at 48bp-57bp over