Covered Bonds

◆ Supranationals and agencies prepare to achieve the previously unthinkable ◆ Leveraged loans versus private credit and their effect on CLOs ◆ A new dawn for dollar covered bonds and UK equity market structure

French agency to revive long debated funding format to finance SME lending

Borrowers want to issue and spreads are tight, but execution windows are very unreliable

Burst of deals this year in uneven market suggests investors want alternatives to Treasuries

Latest in sequence of senior hires as bank broadens DCM business

◆ German bank lands flat to fair value ◆ Order book closes at over two times covered ◆ Deal NordLB's first in almost a year

Central and Eastern Europe earmarked as an area of growth by market participants

Elena Bortolotti was promoted to managing director at Barclays in January 2022

◆ British lender fixed spread and deal size from outset ◆ Order book closed at over two times the deal size ◆ Fixing terms enabled faster execution, the lender said

◆ Largest Czech bank tightened spread by 8bp ◆ Subsidiary of Erste Group announced mandate on Monday ◆ 'Arithmetically, there is no FV', a banker said

Easily dismissed as "fast money" with all the negative implications that can bring in the primary bond market, hedge funds are becoming increasingly important to covered bond issuers

◆ Sterling trade was lender's third tranche of covereds this year ◆ 48bp was in line with fair value, a banker said ◆ Santander UK's first sterling covered since May 2025