Banks

◆ Friday Italian capital raising completed ahead of potential big issuance next week ◆ Strong market tone drives rise in AT1 bids ◆ Bank marches inside 300bp reset but also through recent Commerzbank spread

Sxiteen additional lenders joined the syndicate as Uniper and Amazon sign offtake PPAs

◆ Books for debut deal more than eight times covered ◆ Euros part of journey towards being a 'larger, more international company' ◆ Investor interest in defence sector grows

Citigroup and Wells Fargo hit positive post-Fed market with a $18bn salvo

◆ Strong conditions seized to print first AT1 in a year ◆ Comes more than a year ahead of next call ◆ Tight valuation, high yield leads to the bank's lowest outstanding reset spread

Business has sagged in the third quarter, but the pipeline is busy, despite an intractable war

European banks are trying to crack the US with a fresh expansion drive, but focus remains the watchword

Analysts see covered bond issuance slowing to a more sedate pace from October through to the end of 2026

French covered bond trading levels have become increasingly divorced from OATs since the start of 2024, offering a golden opportunity to issuers ahead of a likely volatile period

The Canadian bank regulator has risked upsetting reciprocity talks with the EU over a cut to its risk weighting for Canadian covered bonds

◆ Best window of the week, lead says ◆ Less concession than other recent deals ◆ Danske "pretty much done" for 2026 funding plan

BNP Paribas and National Bank of Greece led $263m facility, Bahri's first international syndication