Europe

UK covered bonds are trading close to where they would be expected, given their new regulatory treatment outside the European Union. And while euro supply prospects this year could improve on last year’s paltry sum, the vast swathe of bonds redeeming in the same period translates to a technical imbalance which will support spreads.

Oesterreichische Kontrollbank (OeKB) hit the market on Tuesday for a five year dollar benchmark, raising $1.5bn despite pricing coming through the issuer’s secondary curve.

Christian Keller has become Citigroup's new head of markets and securities services for Germany and Austria.

The Agence France Trésor (AFT), the French sovereign debt office, has announced that it will issue up to €15bn of green bonds this year, a sharp increase in supply from last year.

The European Union wrapped up its first bond of 2021 under the Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme in style with a quick execution and another impressively sized order book.

UBS, the first major European investment bank to report fourth quarter results, smashed through expectations in global banking, with that part of its business benefiting from equity capital markets revenue more than doubling year-on-year.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, January 25. The source for secondary trading levels is ICE Data Services.

Türkiye Cumhuriyeti Ziraat Bankası is in the market with its first ever sustainability bond — a five year dollar benchmark.

Argenta Spaarbank has mandated leads to issue its debut covered bond deal. The mandate follows the National Bank of Belgium's decision to grant it a covered bond licence, taking the number of issuers in the country to five, boosting the prospects for supply this year.

The Republic of Slovenia is set to sell its longest bond ever on Tuesday, picking banks for a 60 year euro benchmark — a 36 year extension of its curve.

BNP Paribas is set to redeem one of its legacy tier one bonds in full this quarter, as more banks follow recent guidance from the European Banking Authority and clear out old capital instruments.

Some small UK housing associations are preparing to launch private placements, breathing life into the product after a month of next to no deal flow.