Crédit Agricole

◆ Issuer's largest covered deal at its tightest spread ◆ Banker said Korean lender is ‘well-liked’ by investors ◆ Pricing seen at fair value despite 'scarce liquidity' in secondary curve

◆ Italian bank placed bond after tightening 7bp ◆ Banker said paucity of Italian covereds helped ◆ Covered market has slowed despite strong performance

◆ German bank pays small new issue premium ◆ Issuer could have tightened further, banker says ◆ Deal latest in raft of public sector covereds this year

◆ Order book smaller than issuer’s last covered in January ◆ Banker said covered bond market has reached plateau ◆

◆ 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

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

◆ Macquarie tightened by 6bp to 27bp over ◆ Banker said this represented ‘small new issue premium’◆ Bankers said investor demand for covereds is cooling

The preference for a diverse group of lead managers and the convention of reciprocity keep covered bond bookrunning competitive despite concentration so far this year

◆ UK building society offered 1bp-2bp NIPs on each tranche ◆ Banker said covered was 'well-flagged' ◆ Second banker said they took BNS and added 'UK pick-up'

◆ Order book close to €5bn ◆ Spread tightened by 9bp ◆ Pick-up over OATs

◆ Insurance companies anchor long dated green tranche with near-4% yield ◆ Curve extension debated ◆ Deal comes amid widening secondary spreads but lands with negligible premium

Here are some of the winners in DCM and syndicate