Covered Bonds

◆ Possible record demand for first non-UK benchmark since PRA debacle in April ◆ Deal lands flat to fair value and euros ◆ Market hopes more names will follow

Banks, corporates, even the government find eager buyers

◆ Tatra extends covered curve ◆ Luminor ends three year absence ◆ Slovenská pays slim premium

◆ Investors wary of French risk ◆ Book grows after spread was set ◆ High single digit premium needed

◆ Investors pledge strong demand for 'exotic' deal ◆ Slim premium paid ◆ UBS takes €1bn at five years

Slim premiums and big price tightenings achieved

◆ TD prints largest euro deal for a year ◆ Strong demand for rare three year notes ◆ Minimal premia needed

◆ Tight deal reprices new issue market ◆ Deal comes through Leeds ◆ Investors keen to pick up sterling covered paper

◆ First benchmark since May ◆ Pent-up demand results in blowout ◆ Foreign issuance expected

The smart choice for parting ways in investment banking is to avoid being too clever

◆ Funding completed ahead of more political instability ◆ Deal leaves no concession, according to rival bankers, when others are paying up ◆ Total book larger than deal size but only with JLM orders

International borrowers back in Swiss francs as long tenors find traction