Crédit Agricole

◆ 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

◆ German bank started wider at 50bp before tightening ◆ DKB is known for issuing at the long-end ◆ Bond is trading as much as 2bp tighter in secondary

◆ Issuer had market to itself on Tuesday ◆ Deal landed covered just outside fair value ◆ Issuer's first covered bond since October

◆ Swiss bank's first covered since January 2025 ◆ Only new covered bond anywhere on Monday ◆ Pricing comfortably inside fair value

Promotion after strong gains in corporates and MTNs

Lamarque is one of the architects of modern European bond syndication, said one colleague

◆ Second French FIG sterling deal of the week spotted pricing inside euros ◆ Fourth currency of the year for BFCM ◆ Crédit Agricole marketing Samurai after printing in multiple other markets

◆ 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

◆ Largest book of the year so far for a sterling deal ◆ Minimal attrition on reoffer ◆ Priced through issuer's euro curve, lead says