Issues

◆ Book supports large deal despite attrition ◆ Belgian scarcity makes finding fair value tricky ◆ 1.5 day execution chosen to aid price discovery

◆ Deal heavily oversubscribed, allowing for 62.5bp price compression ◆ Restarts RT1 funding for European insurance sector in an expected busy year ◆ Differing views on fair value

A fellow Hungarian bank and a Kazakh debutant are preparing dollar bonds

◆ French banks paid minimal NIPs at start of 2025 ◆ Pace of issuance began slower than 2024 ◆ Volumes increase as US banks arrive

Lithuania paid little to no new issue premium

Some of these deals stalled late last year and have spilled over into this year

◆ Book crosses €3bn after 45 minutes ◆ Investors eager to buy any and all covered bonds ◆ Demand allows for next to no premium

◆ Deal the UK lender's largest since 2010 ◆ Little to no premium paid ◆ UK paper in euros pricing close to EU peers

Company is reducing size of its loan and bond debt in combination deal

◆ How the bond market will drive CCMM to provide more climate tech cash ◆ Multilateral development bank hybrid capital — and may have found its niche ◆ Covered bond market roars back to life but will it last?

Wednesday's CPI figure bodes well for market

Innovative vehicle will leverage Climate Technology Fund