Covered Bonds

◆ Italian bank amasses €3bn-plus book for second covered of 2025 ◆ Bond issued at 45bp in line with Italian BTPs ◆ Bank said order book improved through the morning

◆ Deal size matches bumper Scotia sale ◆ Sterling shows no signs of slowing, say bankers ◆ NAB previously tapped dollars and euros this year

◆ Bookrunners keen to test boundaries with pricing ◆ Strong order book attracts high proportion of real money investors ◆ Trade tightened by 6bp

◆ French lender amasses huge €4.5bn book ◆ CFF prices only slightly wider than OATs ◆ Strong conditions could attract prefunding trades

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Lender expects to report a pre-tax loss of €210m-€265m by the end of 2025

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◆ No premium needed for size ◆ Deal is Westpac's first in Swiss francs for over two years ◆ Foreign supply is down in Swiss francs this year

Strong demand for slim supply could tempt issuers to access the market before Christmas

◆ Combined demand peaks at more than €5.1bn ◆ Yield curve drives investors towards seven year ◆ No premium needed to hit size targets

◆ Hungarian bank's €100m deal takes €1.15bn of orders ◆ Issuer had Wednesday's FIG market to itself ◆ CEE names offering 'nice pickup'

Shares fell and bonds widened without any announcements from the bank