Banks

Iran ceasefire rally could draw out more issuance before expected May rush

Honda bags $2bn, Enterprise Mobility $3bn

Smaller order books and tighter new issue premiums characterise new phase

Foreign bank issuers secure tight pricings

◆ UK lender chooses home market for first major bank capital deal in sterling or euros in nearly two months ◆ Similar absence of unsecured FIG issuance ◆ Tier two best positioned for sterling restart, says lead

◆ New deal launched at very similar fair value to previous one from September ◆ Italian bank pays higher NIP than before ◆ Timing a consideration as ceasefire sparks rally

◆ Portuguese bank tightened spread by 3bp ◆ First covered from issuer since October ◆ Banker said this is 'good level for issuer'

◆ Issuer attracted order book of €1bn ◆ Bid-to-cover ratio was consistent with recent precedents◆ Fair value not easy to establish

◆ Shorter tranche tightens by 3bp ◆ Order book was skewed towards 7 year leg ◆ Issuer placed similar dual trancher in January

◆ One of four covereds issued on Thursday ◆ CMHL issued the last three French covered bonds ◆ Euro benchmark deal fixed at €1.25bn

◆ Sterling benchmark deal was printed at £1bn ◆ Fourth sterling covered from Canadian issuer in 2026 ◆ Lead managers picked comps at 48bp-57bp over

◆ Post-ceasefire rally brings predictability to market direction ◆ Quick execution brings the deal within vicinity of fair value ◆ Price discovery needed within German senior preferred universe