Europe

◆ Market conditions worsened in afternoon ◆ Deal priced flat to fair value with minimal attrition ◆ Bucks NIP trend from recent deals

◆ Issuer brings September deal forward after rates rally ◆ Book unexpectedly shrinks, is pricing fair or too tight? ◆ Deal still hit targets, money saved for taxpayers

Scarcity value to overshadow sectoral concerns

◆ Peak demand tops €3.65bn ◆ Orders stick after 37bp tightening ◆ Deal lands close to fair value

◆ Book grew after pricing tightened ◆ Issuer's first capital trade in two years ◆ Premium paid

◆ Head of treasury's Tiemo Wesseling on euro 2026 debut ◆ Fair value and greenium estimated ◆ Back-loaded funding programme

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