Crédit Agricole

◆ German bank fixes deal size from the outset ◆ Banker said the bonds offered a small new issue concession ◆ Primary market to slow ahead of the weekend, banker predicts

◆ Simultaneous execution with Alphabet's record deal bodes well for others ◆ More FIG names likely to print in near future ◆ Other European banks diversify funding in Singaporean and Australian dollars

Central and Eastern Europe earmarked as an area of growth by market participants

Ex-Crédit Agricole banker to be based in Paris

Édouard Sauce had been with the firm for almost a decade

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

Market participants have questioned if the differential in the risk-weightings between securitized and covered assets will affect demand for covered bonds

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

The only covered bond issued this week landed with a small new issue premium

This week’s covered bond market was quiet compared to seniors and SSAs, bankers say

◆ French issuer tightens spread by 6bp ◆ Order book closes at €2.5bn peak ◆ Only covered bond issued on Tuesday

No covered bonds have been issued in primary since Tuesday