Banks

Smaller, private banks likely to issue in coming weeks, experts have said

◆ Sterling market welcomes third unsecured FIG deal of the week ◆ RBC's 15bp price tightening is 'encouraging' for other issuers ◆ Relative value works well versus other G3 currencies

There were no new covered bonds issued on Thursday after two on Wednesday and four on Tuesday

◆ Both issuers out with similar deals on a busy day in primary market ◆ Demand flows to credit as investors show preference for higher yielding names ◆ Nykredit ends with bigger book due to wider spread

◆ Asset class is 10bp wider than two months ago ◆ Santander prints for the first time in more than two years ◆ Swiss Re restarts even rarer insurance capital funding

◆ Issuer’s last covered was in May 2023 ◆ Fifth Dutch covered bond in past month ◆ Fifth €500m no-grow deal in past two days

◆ US bank raises close to €2bn-equivalent in tier two debt ◆ Issuer attracts lots of attention and orders ◆ Market participants praise 'cool' deal

◆ Portuguese bank has issued one covered each year since 2023 ◆ Banker on the deal said bonds offered small new issue premium ◆ Strong recent covered supply may have affected demand, another banker said

◆ First Polish covered bond since PKO’s last ◆ Lender fixed size before execution ◆ Banker said deal offered small new issue premium

◆ Dutch lender breaks Nykredit's s all-time low reset spread before the Iran war ◆ AT1 is 'rare gem' amid Rabo's capital reduction ◆ Significant market improvement sees BNPP stretching to dollar NC10 AT1

◆ MUFG prints €500m holdco senior flat to fair value ◆ Its rarity compared to to megabank compatriots works in its favour ◆ Investec returns for first time in more than a year

◆ UK lender's sixth public dollar covered bond of 2026 ◆ Issuer has placed dollar, sterling and euro covereds this year ◆ Deal size fixed at $1.5bn from $1.95bn order book