EMEA

Issuer to focus on auctions and foreign currency opportunities including dollars and Swiss francs

◆ Issuer takes advantage of attractive sterling funding levels ◆ Printing during UK school holidays no problem for 'very well loved name' ◆ Sterling FIG senior undersupplied versus last year

If it looks like a covered bond, acts like a covered bond and prices like a covered bond, then it probably should be treated like one

◆ German bank achieves 'decent' pricing ◆ NIP paid, secondary performance predicted ◆ 'Smart' trade likely to help future issues, rival banker says

◆ Issuer ends six year absence with incredibly popular deal ◆ Curve shape fuel seven year demand ◆ Wide range of comps used

◆ Rare deal unhindered by softer market open ◆ Follows recent south European trades from Abanca, Bankinter, and CredEm ◆ Triple digit spread attracts 'quality' book

◆ New 2046 OT proves attractive to investors ◆ Book size and quality both pleasantly surprising ◆ Sovereign issuer pays its typical NIP

◆ Madrid lands at same level as 10 year ◆ Second EuGB from Madrid ◆ NWB makes euro benchmark 2026 debut

Two more follow Darwish and Safa leaving last month

◆ Sovereign gets ahead of uncertainty in H2 ◆ Larger size raised off strong demand ◆ Bigger curve reaction this time neutralised by pricing

◆ Issuer's first trade of 2026 ◆ Premium paid as 'investors not chasing everything' ◆ First SP from a Spanish bank since February

◆ Reinsurer latest in string of insurance tier two offerings ◆ Comes with tender offers on two outstanding bonds ◆ Investors show 'discipline' on pricing