Banks

◆ 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

◆ Deutsche hits euro FIG market 'on fire' ◆ AT1 pays higher than peers ◆ BNP Paribas to follow in Australian dollars soon after UBS broke six year hiatus

◆ €1bn note eoffered at 38bp over mid-swaps ◆Minimal new issue concession ◆ Senior spreads 'attractive' for issuers compared to covered bonds

Issuance was front-loaded into the first three days of the week in the FIG dollar market as issuers got ahead of Thursdays US non-farm payrolls report

New plan involves hiring to make ECM and M&A revenues match DCM in three years

Six covered bonds were issued in three days this week but there is uncertainty over the pipeline from here

◆ Final book under €800m ◆ 'Low single digit concession' ◆ 'Trickier' for German LBs in senior than covered