DZ Bank

◆ Banker said deal offered small new issue premium ◆ Green label was 'helpful' if not 'decisive' ◆ Bank has issued 15 tranches of covereds in three years

◆ Order book grew steadily to close at its peak ◆ Second EuGB covered bond ever issued ◆ French lender's previous covered was in January

◆ Stockholm bank reached its preferred size ◆ Issuer’s third covered in three years ◆ Norwegian issuers have dominated Nordic covereds this year

◆ Canadian bank’s euro covered was first since May 2025 ◆ Order book grew through execution ◆ Banker said new issue concession ‘not a huge margin’

◆ 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

Central and Eastern Europe earmarked as an area of growth by market participants

◆ Largest Czech bank tightened spread by 8bp ◆ Subsidiary of Erste Group announced mandate on Monday ◆ 'Arithmetically, there is no FV', a banker said

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

Market participants have questioned if the differential in the risk-weightings between securitized and covered assets will affect demand for covered bonds

Smaller, private banks likely to issue in coming weeks, experts have said

◆ Issuer’s last covered was in May 2023 ◆ Fifth Dutch covered bond in past month ◆ Fifth €500m no-grow deal in past two days

◆ Portuguese bank has issued one covered each year since 2023 ◆ Banker on the deal said bonds offered small new issue premium ◆ Strong recent covered supply may have affected demand, another banker said