Lloyds Bank

◆ German bank's covered tightened 6bp ◆ Order book peaked at €2.5bn ◆ Banker said the issuer could have gone larger than €1bn

◆ British lender fixed spread and deal size from outset ◆ Order book closed at over two times the deal size ◆ Fixing terms enabled faster execution, the lender said

◆ HSBC brings €3.25bn of funding across three tranches ◆ Lloyds opts for €750m single tranche before UK local elections ◆ Heavy euro FIG issuance as possible Iran deal announced

Former BNPP banker returns to market

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

◆ UK lender chooses home market for first major bank capital deal in sterling or euros in nearly two months ◆ Similar absence of unsecured FIG issuance ◆ Tier two best positioned for sterling restart, says lead

◆ Deal met issuer's expectations says banker ◆ Issuer's previous euro covered was in September 2024 ◆ Managers picked comps priced 18bp-31bp over

◆ Spread fixed at start of execution ◆ RBC has issued four covered tranches this month ◆ Issuer’s last before this month was in January 2025

Underlying concerns among investors and issuers about covered bonds force them to the sidelines

◆ Banker said deal offered little new issue premium ◆ Euro transaction on Tuesday triggered the deal ◆ Lloyds' last sterling covered was issued in October 2025

Deal priced with 3bp premium to ING's Green Lion 2026-1

◆ UK lender raises $4.5bn-equivalent in five senior holding company tranches this week ◆ Both deals target long dated funding ◆ Despite secondary widening, euro offering lands with hardly any premium