DNB Bank

◆ Deal came on busy day with €13bn of volume across secured and unsecured FIG issuance ◆ €2.1bn final book ◆ Flat to fair value or even negative concession

◆ Car leasing firm prices dual tranche deal at and just outside fair value ◆ Covered placed Sfr300m, up from Sfr 200m ◆ Third Swiss franc deal of 2026 after UBS and CIBC

◆ Boligkreditt lands deal at tightest spread in euros so far this year◆ Spread was at or very close to fair value ◆ Investors liked DNB’s ‘strong pool of high quality Norwegian assets’

UK bank trio stands out in heavy Yankee onslaught either side of Fed meeting

◆ Swiss bank quickly follows $2bn AT1 with senior holdco print in euros ◆ Deal's high oversubscription may tempt others to print soon ◆ DNB diversifies funding printing rare euro FRN

◆ La Banque Postale sells first euro benchmark of 2025 ◆ Mediobanca and DNB return ◆ Market 'to play catch-up' after scant supply in first five months

◆ New deals expected to encourage other borrowers into euros and sterling ◆ Tight funder DNB shows spreads still a touch wider than pre-tariff volatility ◆ Lloyds' home foray underlines improved relative funding cost in sterling

◆ Value versus domestic curve debated ◆ Scarce Nordic tier two supply helped trade ◆ Nordic names 'still performing during volatility'

◆ Investors flock to tightly priced trade ◆ Next to no premium paid ◆ Sparebanken Vest is still to come

◆ New 10 year issued every year since 2014 ◆ Pricing comes close to flat ◆ One more syndicated offering planned

◆ Book crosses €3bn after 45 minutes ◆ Investors eager to buy any and all covered bonds ◆ Demand allows for next to no premium

◆ Deal may have landed through fair value ◆ Green label lures ESG buyers ◆ ‘Everything working’ say sources