Covered Bonds

When you reflect on your banking career — the thousands of pitch books, the countless analyses, iterations, scenarios, recommendations, and timetables — the gnawing question is whether you ever really added any value. Were you a strategic advisor and master tactician or just a Willy Loman with more air miles?

◆ Deal lands flat to recent Pfandbriefe ◆ No concession needed ◆ Tight domestic spreads drive Nordic investors towards euro prints

Deal set to be the longest euro covered bond since May last year

Single digits separate core and non-core euro covered spreads

German, French and Dutch banks the most likely candidates for the next long end deal

◆ Rare Portuguese issuer lands very close to Pfandbrief ◆ Tightening in covered bond spreads prompts divergent views on where fair values are ◆ Both issuers fund close, if not flat to, perceived fair values

◆ Austrian lender opts for longest maturity considered ◆ Market participants debate impact on broader market ◆ 'Minimal' new issue premium but slim pick-up over sovereign more notable

◆ Note is the issuer’s first in euros since 2022 ◆ Slim pick-up paid over larger peers ◆ Little impact from upcoming merger

◆ Deal is TSB’s second in euros ◆ Minimal concession paid ◆ Bond offers single digit spread over UK peers

Almost one in five euro benchmarks have been tightened by a double digit spread this year

UK lender aiming to position itself close to peers in euros

◆ Issuer solves for size ◆ Slim, single digit premium paid ◆ Seven years a popular tenor for French banks this year