Luke Jeffs

Covered Bonds

New issue premiums pay off for Santander UK's euro dual-trancher

◆ UK building society offered 1bp-2bp NIPs on each tranche ◆ Banker said covered was 'well-flagged' ◆ Second banker said they took BNS and added 'UK pick-up'

Luke Jeffs, February 10, 2026
Covered Bonds

Finland's Bank of Aland places third Finnish covered in under a week

◆ Finnish bank tightened by 8bp through execution ◆ Banker said 35bp starting point was 'spot-on' ◆ Second banker said deal went 'better than expected'

Luke Jeffs, February 10, 2026
Covered Bonds

Crédit Agricole Home Loan taps bid for French risk with €1.25bn covered

◆ Order book close to €5bn ◆ Spread tightened by 9bp ◆ Pick-up over OATs

Luke Jeffs, February 09, 2026
Covered Bonds

Aktia Bank's first covered since September lands with small NIP

◆ Finnish bank tightened by 7bp through execution ◆ Banker said FRV not easy to calculate ◆ Second banker cited recent strong Nordic covereds

Luke Jeffs, February 09, 2026
Covered Bonds

ING-DiBa picks spread over size with 10 year covered

◆ Pricing tightened 6bp from guidance ◆ Slim new issue premium assessed ◆ Bankers said demand has thinned for longer-dated covereds

Luke Jeffs, February 09, 2026
Covered Bonds

Danske lands first Danish covered of 2026

◆ Both legs of dual tranche tightened ◆ Only one covered has landed tighter this year ◆ Banker said both tranches were at fair value

Luke Jeffs, February 06, 2026

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