Banks

◆ Two steps to terms debated ◆ Priced flat to fair value or even with negative concession ◆ Investors split on long-dated holdco supply

◆ Norwegian bank increases size ◆ Issuer meets spread objective ◆ Banker said he drew confidence from secondaries

◆ Italian bank landed price and size with latest offering ◆ Deal was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’

◆ New Zealand bank tightened spread close to FV ◆ Bond more than three times subscribed ◆ Banker said spread struck a fair balance

◆ Bank closed order book at €1.85bn ◆ Larger size, tighter spread than issuer's last covered ◆ Order book was 'brilliant', says banker

◆ Icelandic bank 'happy' with balance between spread and order book ◆ Treasurer noted importance of Aa1 rating ◆ New bond refinances 2021 issue

Official moves from top three issuer in Middle East to top bank

◆ Spanish bank offers small NIPs for dual tranche deal ◆ Deal useful benchmark for other Spanish bonds ◆ Skew in demand reflects sensitivity at long end, says banker

◆ €3.25bn of new issuance comes as Goldman Sachs brings €7bn across four tranches ◆ 'Surprise' as two US names proice on same day ◆ Positive concession might force European banks to pay more next week

Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital

Market enters third chapter of 2026, in which issuers and investors strike a more equal balance even though issuers may need to pay up

UK house has boosted returns at its investment bank and is bullish on ECM and M&A despite falling below expectations