Banks

◆ Rare Portuguese issuer lands very close to Pfandbrief ◆ Tightening in covered bond spreads prompts divergent views on where fair values are ◆ Both issuers fund close, if not flat to, perceived fair values

◆ France first out of the door with 30 year ◆ Large book of €115bn, over 450 investors ◆ 'Very compressed' premium like EU and Italy

◆ Praise from bankers away from transaction ◆ Deal launched into market 'that wants to buy AT1s' ◆ Post-CPI spike in US Treasury yields not viewed as game changer

◆ EBRD priced off primary ◆ KfW achieves greenium? ◆ Tight pricing on both deals

◆ Orders hold to finish several times subscribed ◆ Premium level debated ◆ Investors lured by attractive spread and rating

◆ Skinny new issue premium ◆ Deal 10 times covered ◆ Pricing with EU not a challenge

◆ French bank offers premium to investors to attain size target ◆ Deal is the tightest and longest French euro tier two in 2025 ◆ Rare Ibercaja also goes longer than the norm

◆ Record book and deal size ◆ Investor demand 'at odds' with media headlines ◆ Key BoE actor clears up position

◆ Issuer initially targeted price over size but achieved both ◆ Makes sterling debuts look easy ◆ Positioning for UK membership?

◆ Fair value considerations point to wide range but no concession paid ◆ Earnings and market backdrop provide tailwind for tight pricing ◆ Issuer's first callable tier two in euros since 2022

◆ Issuers opt for 'bread and butter' 6NC5 structure ◆ Debate whether landed inside fair value ◆ French insurers bidding for long Spanish paper

New deal marks the first broadly wholesale capital issuance in Swiss francs after Credit Suisse's demise, say local bankers