Covered Bonds

◆ Iran peace deal in sight but where are the Middle East issuers? ◆ Why primary capital markets will be slow adopters of DLT ◆ Why French covered bond issuance has slowed and why it might pick up

Covered bond issuers have been reluctant to issue on the same day as a central bank announcement, but this is starting to change

◆ Austrian bank pays healthy new issue premium ◆ Small order book saw minimal attrition ◆ Banker said market was 'heavier' at open

◆ French lender fixed deal at half the order book's size ◆ Covered offered small new issue premium ◆ Banker said CRH's and UniCredit Austria's deals showed 'fatigue'

◆ Broken tenor answers two requirements, says banker ◆ Issuer's last covered bond deal was in November 2025 ◆ Only Italian comparables picked

◆ Austrian issuer opted for no-grow tactic ◆ One of three covered bonds priced on Tuesday ◆ Bankers said the deal offered no new issue premium

◆ Bankers said the deal offered a few basis points of new issue premium ◆ Bank's last covered bond deal was in January 2025 ◆ Lead managers used a small set of comparables

◆ Soft bullets offer no benefit to Spanish issuers — BBVA ◆ Investors like certainty of hard bullets, says banker ◆ Lead managers use seven Spanish deals as comps

Association of German Pfandbrief Banks bi-annual survey finds members are more cautious going into H2

◆ German bank had the primary market to itself on Monday ◆ More covereds issued from Germany than any other country ◆ Banker said 7bp over offered small new issue premium

◆ What now for European Secured Notes ater long-awaited debut? ◆ The mood in European securitization amid MFS fallout and reg reform ◆ Digitalisation of bond market is up to the regulators

◆ Aussie bank has primary to itself on Friday ◆ Deal ‘sufficiently different,’ say bankers ◆ Both tranches offer small premiums