Banks

◆ Dutch bank acts more generously than earlier Nordic duo ◆ Deal offers higher absolute spread and new issue premium ◆ Investors like what they see and keep increasing orders

UBS stock has underperformed this year

DekaBank's sub-benchmark success shows investors are there, but issuers are unwilling to follow

Issuers' euros deals experience different attrition rates

◆ Green label and capped size set up tight pricing ◆ Result is Danske's tightest tier two, beating Covid-era issuance ◆ Some first mover advantage gained

◆ First syndicated covered bond since early July almost four time covered ◆ Deal lands tight but still offers SSA pick-up ◆ RFPs circulate as pipeline builds

◆ First Hong Kong dollar public bond from an international bank ◆ Broader investor access and larger size than PPs customary in the market ◆ Provides attractive funding

Senior funding there for the taking, covered bonds yet to take off — but conditions are great for all

◆ Swedish bank prices the tightest senior non-preferred in more than three years ◆ Why spread breached 100bp ◆ Market 'busier than expected'

Aussie covered supply could rise if proposal to lift cover pool cap passes

Michael Diederich had long banking career before joining football club two years ago

◆ Popularity allows Deutsche to price at tight valuation ◆ Follows the German bank's $2bn Yankee at the belly of the curve... ◆ ...and comes a day after UBS issued €2bn in mid to long dated maturities