Euro

◆ Raises lower end of €1.25bn-€1.5bn target after feedback ◆ Reintroduces positive new issue premium from major FIG issuer ahead of possible slowdown ◆ Follows Singapore dollar tier two

There is a strong investor bid for non-eurozone names

Metro launches in line with initial price thoughts amid rising concessions

Investors pile into 12 year as excitement continues to drain from ultra-long bonds

Supra has already completed 44% of its borrowing by the end of February

Reverse Yankees tighten during bookbuilding, but deal glut means exuberance is gone

◆ Senior arrives a week after €5bn book for covered deal ◆ Latest orders land at €1.4bn ◆ Rival bankers say smaller book down to smart execution, not saturation

Deal pile up means days of 40bp tightening during bookbuilding could be over for now

◆ Lloyds opts for short-dated euro transaction ◆ Transaction six times subscribed ◆ Sterling issuance eyed amid structural demand

Over €12.5bn of orders pledged for rare and tightly priced covered bonds

◆ Deal execution is ‘exemplary of the current market’ ◆ Demand drops by around €2.4bn from peak to landing, yet clears 10bp inside fair value ◆ Issuer reduces cost with bullet and counts SP bonds towards MREL

Both transactions priced flat to fair value or tighter