Banks

European and other regulators are working on reforms to make covered bond funding more efficient

Bank M&A is back on the agenda, but talk of SMBC buying Jefferies is premature. The two firms are prioritising their multi-stranded alliance and a takeover now would jeopardise it

◆ Bank prints first Belgian covered in over six months ◆ Issuer caps order size at €750m from start ◆ Covereds this week offering more new issue concession

There's been a lack of ESG labelled FIG issuance in March, despite this year's volume being higher than last year

◆ Czech bank tightened by 4bp through execution ◆ Order book grew steadily to close at €1.25bn ◆ Banker said execution 'in line with expectations'

◆ Second deal after last year's re-entry is bigger ◆ Nomura wants to extend its euro curve after debut TLAC last May ◆ Higher concession seven year tranche lands at same level as last year's fives

◆ Austrian bank paid 5bp new issue concession ◆ Order size consistent with previous Erste covereds ◆ New issue premiums have increased in recent weeks

◆ Dutch bank's order book three times oversubscribed ◆ 3bp NIP offered ◆ Issuer placed a green senior bail-in last October

◆ Defensive structure for nervous market ◆ Largest book on a busy day for FIG issuance ◆ ABN keeps position of leading bank EuGB issuer

◆ €1.5bn covered is ING's first of 2026 ◆ 5bp of concession ◆ 'Sweet spot' tenor

New role includes digital assets

◆ Outsiders open EM investors’ wallets ◆ European banks let their hair down in dollar market, still shy in euros ◆ Digital innovation in Frankfurt with DZ Bank