Helaba

◆ Deals attract 8.4 times coverage ratio ◆ Strong tailwinds drive Unicaja through pre-deal announcement fair value ◆ Helaba debuts public AT1 as it optimises capital stack

◆ British issuer tightens both tranches 6bp ◆ Spreads in line with comparables ◆ Lloyd’s first covered since its sterling deal in March

◆ French issuer tightens spread by impressive 8bp ◆ CFF's fourth covered bond in past two months ◆ Spread of 51bp was flat to fair value, says banker

◆ First Polish covered bond since PKO’s last ◆ Lender fixed size before execution ◆ Banker said deal offered small new issue premium

◆ Shorter tranche tightens by 3bp ◆ Order book was skewed towards 7 year leg ◆ Issuer placed similar dual trancher in January

◆ Spread was tightened by 5bp through execution ◆ Order book was ‘high quality’ says banker ◆ Norweigan bank's first covered since October

◆ Issuance plans were disrupted by war in the Middle East ◆ Spread tightened by 4bp ◆ NIBC is going to be acquired by ABN Amro

◆ Issuer's first in almost a year ◆ Issuer opts for no-grow deal ◆ Investors show greater price despite stronger market on Monday

◆ Bank closed order book at €1.85bn ◆ Larger size, tighter spread than issuer's last covered ◆ Order book was 'brilliant', says banker

Absence of larger covered bond issuers provides a window for smaller deals

◆ Issuer had market to itself on Tuesday ◆ Deal landed covered just outside fair value ◆ Issuer's first covered bond since October

◆ German bank secured spread tightening across tranches◆ Banker said first tranche offered small NIP but second had nothing ◆ Tuesday’s deals failed to deliver the spectacular order books of last week