Covered Bonds

◆ 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

Foreign investors show confidence in French assets, including innovative defence financing deal, as political concerns grow

◆ Deal is first since French PM called confidence vote ◆ Some concession left on top of wider secondary levels ◆ Bankers call French covered paper 'attractive'

◆ Four years is the 'sweet spot' ◆ Existing curve ignored during pricing ◆ Slim premium paid over recent deals