Issues

◆ US bank raises close to €2bn-equivalent in tier two debt ◆ Issuer attracts lots of attention and orders ◆ Market participants praise 'cool' deal

◆ Portuguese bank has issued one covered each year since 2023 ◆ Banker on the deal said bonds offered small new issue premium ◆ Strong recent covered supply may have affected demand, another banker said

Kuwait joins PP party

The bank is capitalising on an investor base starved of CEE bank issuance

The company is the only corporate issuer in North Africa, making it popular for investors

◆ Peak demand tops 10 times oversubscribed ◆ ‘Widest’ senior corporate spread of the day helps books swell ◆ Negative new issue premium spotted

◆ Dutch lender breaks Nykredit's s all-time low reset spread before the Iran war ◆ AT1 is 'rare gem' amid Rabo's capital reduction ◆ Significant market improvement sees BNPP stretching to dollar NC10 AT1

◆ Tight level to US Treasuries and record book ◆ Market gets the 'tier one' name it needed ◆ Momentum builds for more SSA dollar issuance

◆ Biggest and most popular green OAT ever ◆ Third and final syndication came earlier than in previous years ◆ Leading position in green bonds and EGB market affirmed

◆ UK lender's sixth public dollar covered bond of 2026 ◆ Issuer has placed dollar, sterling and euro covereds this year ◆ Deal size fixed at $1.5bn from $1.95bn order book

◆ Lender's first covered since September 2024 ◆ Deal was fixed at €500m and tightened by 5bp ◆ Banker said the trade offered 1bp of new issue premium

◆ Westfield operator increases size on €750m trade ◆ SELP's peak books top almost 10 times oversubscribed ◆ Both deals land close to fair value