Banks

Bloc finishes 2025 bond issuance at €153bn, H1 2026 funding plan moves into focus

◆ Singaporean bank issues first sterling covered since September 2024 ◆ Places £750m on £850m order book ◆ Bankers view deal as flat or just inside fair value

Deutsche moved from 1.5% to 1% bucket ◆ "Direct impact" on Deutsche's leverage ratio ◆ Two banks upgraded

Markets adjust to bumpy French political landscape as it mimics past Italian wobbles

ESG covered bonds are growing but some issuers are reluctant to engage

The US bank has emerged from its restructuring to record impressive market share gains following a reboot of its financial sponsor and leveraged finance businesses

◆ Both issuers advance 2026 funding plans ◆ LBP issues its first senior bond of the year ◆ Danske prints 20bp tighter than similar May deal

◆ Playing for size at 'defensive' tenor ◆ Some concession paid ◆ Better to print now than in 'crowded' January

◆ More foreign capital deals in Australian dollars are 'definitely' expected next year ◆ Offshore issuance to institutional investors preferred ◆ BNPP make substantial savings versus US dollar levels

◆ Both issuers advance 2026 funding plans ◆ LBP issues its first senior bond of the year ◆ Danske prints 20bp tighter than similar May deal

◆Both opt for senior non-preferred ◆ Some premium ◆ Big books despite competition from other large names

◆ Montreal bank taps sterling for second time in 2025 ◆ Aussie comps considered ◆ Order book shrinks from £820m peak