Danske Bank
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◆ First Polish covered bond since PKO’s last ◆ Lender fixed size before execution ◆ Banker said deal offered small new issue premium -
◆ Lender's first covered since September 2024 ◆ Deal was fixed at €500m and tightened by 5bp ◆ Banker said the trade offered 1bp of new issue premium
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◆ Finnish lender's first covered since September ◆ Third Finnish covered bond issued this year ◆ Helsinki-based bank fixed size at €500m
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The Norwegian bank is planning to issue 'in the near future' its first covered bond since September 2024
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◆ One of four covereds issued on Thursday ◆ CMHL issued the last three French covered bonds ◆ Euro benchmark deal fixed at €1.25bn
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◆ Issuer fixed size at €500m from outset ◆ Spread was over 20bp inside issuer’s last covered ◆ Covered was first from lender in 18 months
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◆ Czech bank tightened by 4bp through execution ◆ Order book grew steadily to close at €1.25bn ◆ Banker said execution 'in line with expectations'
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◆ Austrian bank paid 5bp new issue concession ◆ Order size consistent with previous Erste covereds ◆ New issue premiums have increased in recent weeks
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A series of foreign bank issuers move in force to raise dollars, pushing weekly issuance tally close to March 2025
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◆ Second European bank to bring a dollar AT1 this week as investors bid for risky assets ◆ Market conditions deteriorate during Wednesday ◆ More than half of book lost
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◆ 'Tight and attractive valuations' for raising tier two capital ◆ Trade follows ratings upgrade ◆ 5bp of concession
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◆ Italian bank placed bond after tightening 7bp ◆ Banker said paucity of Italian covereds helped ◆ Covered market has slowed despite strong performance
