Issues

◆ Both deal and book sizes break records ◆ 'Normal' pricing approach and NIP paid ◆ Portugal, Italy next up

◆ British building society places first sterling covered of 2026 ◆ Order book surpasses £3bn ◆ First tranche hit fair value, second offered 2bp premium

◆ Deal attracts €5.5bn of orders ◆ Big book enables issuer to take size ◆ Price included minimal concession

◆ Deal is heard more than 12.5 times subscribed despite slim, if any, concession ◆ Investors 'scrambling to get more risk' ◆ New trade precedes 10 year covered bond and follows $3.3bn triple-tranche Yankee

European CLOs have fewer negative cash balances as managers avoid weaker credits

Meanwhile, Saudi lenders are pricing their first subordinated trades of the year after a record 2025

Several moves in emerging markets

◆ Canadian bank priced the only covered bond on Tuesday ◆ Lead said issuer paid just outside fair value ◆ Sfr325m deal was 'a strong outcome'

Positive signs abound, yet deals still to materialise in EMEA

◆ EIB sells customary five year into record demand ◆ ADB brings ‘terrific’ and ‘incredibly strong’ 10 year ◆ More 10 year deals to come still with spread and yield both attractive

Rate increases could be closer than you think

Industrials, real estate and telecoms were sectors that saw an uptick in acquisition financings in 2025