Covered Bonds

◆ La Banque Postale increased size during execution ◆ French bank’s first covered since October 2024 ◆ French bond was only covered bond priced on Friday

Market participants doubt primary market can maintain its rapid pace

◆ Italian bank increased benchmark size to €750m ◆ Deal expected to perform in secondary ◆ Covered was one of two issued on Thursday

◆ Six year bond trades lower in secondary market ◆ Deal a first for Slovakia, says banker ◆ MPS closes its first covered of 2026

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

◆ 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

London-based MD promoted

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

◆ Canadian bank lands €1bn after 'satisfactory' spread tightening ◆ Busy day for covered market ◆ €1bn priced but could have been bigger

◆ 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

◆ BMO cranks in pricing ◆ ‘It’s an issuers’ market,’ says banker ◆ First covered bond from issuer since 2023