Banks

◆ Principality Building Society amasses £1.05bn order book ◆ 50bp was best-case target says banker on deal… ◆ …and investors welcomed new UK covered issuer

◆ Deal came on busy day with €13bn of volume across secured and unsecured FIG issuance ◆ €2.1bn final book ◆ Flat to fair value or even negative concession

◆ Landesbank returns to benchmark capital issuance for first time since 2021 ◆ Gathers attention of bigger investors in busy FIG market ◆ Italy's Banca Ifis completes first tier two foray in more than five years

Ahmed Siddiqi has worked for the Japanese bank for over 10 years

◆ Canadian bank lands tightest euro covered this year ◆ Further Canadian issuance on the day ◆ Banker on the deal said tranches were priced just inside fair value

◆ Austrian bank succeeds in fast return to AT1 market ◆ Raises more than it needs to refi June call ◆ Deal lands close to fair value thanks to boosted demand for higher yielding assets

◆ Bank placed bond at 68bp over mid-swaps after large tightening◆ Banker said bond priced inside Israeli sovereign ◆ Issue offered ‘savings versus seniors’

◆ Austrian bank's first covered in nearly two years ◆ Both tranches offered 5bp of NIP says banker ◆ Modest 3bp tightening reflects 'normalisation' of covered market

◆ German bank secured spread tightening across tranches◆ Banker said first tranche offered small NIP but second had nothing ◆ Tuesday’s deals failed to deliver the spectacular order books of last week

◆ Société Générale and BNP Paribas launch self-led deals ◆ Over €6.3bn of combined demand ◆ Spreads converge

A Swiss borrower and Austria's Egger are in the market

◆ Largest book of the year so far for a sterling deal ◆ Minimal attrition on reoffer ◆ Priced through issuer's euro curve, lead says