Covered Bonds

◆ 'Insane' spread tightening ◆ Issuer lands through fair value and close to German deals ◆ Canadian and Norwegian paper priced

◆ German bank priced first covered of 2026 tight to fair value◆ Issuer opts for no-grow technique ◆ Speculation over how tight 10 year covereds can go

◆ French credit institution landed double digits through OATs ◆ Record number of investors take part ◆ Spread fixed at 51bp over mid-swaps by 9.15am (GMT)

Swiss bank goes large across three slices

Avoiding unsecured euro issuance, French banks have concentrated funding in dollars and covered bonds as they eye record start

Largest Israeli bank sees itself as a pioneer in its domestic bond market

◆ French bank built €8.6bn order book ◆ Strong performance underlines demand for 10-year covereds ◆ Covered note bank's third deal in three days

◆ Deal part public sector, part mortgage covered bonds ◆ Both legs 'at or close to fair value' ◆ Covereds oversubscribed due to political uncertainty

Epiphany holiday followed by deluge of euro issuance on busiest day ever as issuers go big and early — and with no end in sight

Bankers reach for superlatives as four deals price tightly

◆ British building society places first sterling covered of 2026 ◆ Order book surpasses £3bn ◆ First tranche hit fair value, second offered 2bp premium

◆ Deal is heard more than 12.5 times subscribed despite slim, if any, concession ◆ Investors 'scrambling to get more risk' ◆ New trade precedes 10 year covered bond and follows $3.3bn triple-tranche Yankee