Barclays

Proposals to lower Liquidity Coverage Ratio haircuts has reignited hopes of equivalence

◆ First FIG sterling deal in a month ◆ 'Staggering' £4.2bn book from global accounts ◆ Door open for future sterling issuance

◆ German bank fixes deal size from the outset ◆ Banker said the bonds offered a small new issue concession ◆ Primary market to slow ahead of the weekend, banker predicts

◆ French issuer’s first green covered bond since April 2025 ◆ Order book closed at €2.4bn ◆ Issuer said green label helped 'differentiate' the bonds

◆ Simultaneous execution with Alphabet's record deal bodes well for others ◆ More FIG names likely to print in near future ◆ Other European banks diversify funding in Singaporean and Australian dollars

Elena Bortolotti was promoted to managing director at Barclays in January 2022

◆ OCBC's prices first covered bond since April 2025 ◆ 10th Asian covered issued in 2026 ◆ Order book peaks at over €2bn but lost €400m

◆ British issuer tightens both tranches 6bp ◆ Spreads in line with comparables ◆ Lloyd’s first covered since its sterling deal in March

◆ UK bank uses the first issuance window after earnings, central bank meetings and holidays ◆ Deal coincides with busy euro credit market ◆ Barclays attracts attention with relevant new issue concession

Facebook owner followed Oracle, Amazon and Alphabet with a six tranche dollar deal

Europe’s self-proclaimed investment banking champions are playing to their strengths, but remain far behind US peers

No covered bonds have been issued in primary since Tuesday