Macquarie Group

Market enters third chapter of 2026, in which issuers and investors strike a more equal balance even though issuers may need to pay up

◆ Macquarie tightened by 6bp to 27bp over ◆ Banker said this represented ‘small new issue premium’◆ Bankers said investor demand for covereds is cooling

Strong demand and tight spreads has propelled volumes past January records

◆ Macquarie five year follows in CBA's tailwind ◆ Pair pay minimal premiums ◆ Macquarie's first covered bond since 2022

◆ Issuer's first in euros since February funds some of 2025 ◆ HCB raises more than usual from SP ◆ Macquarie debut euro green to fund real estate

◆ Foreign FIG issuance so far in 2024 outstrips last year’s volume by more than $20bn ◆ Multiple Canadian and Japanese lenders print ◆ US banks prepare capital plans after the Fed’s latest stress tests

◆ Macquarie Group's first euro senior deal in almost two years ◆ Aussie name likely lured investors ◆ S-Bank issuing euro FRN

◆ Strong market sentiment backs new deal and potential FIG issuance as spreads tighten ◆ Views on NIP differ but SG's outcome was unanimously 'very good' ◆ Austrian and Australian issuers on the way

◆ Improved tone lures local lenders in size ◆ Yankee arb possible again ◆ European trio steps up Yankee printing on Thursday

Foreign banks take advantage of favourable funding conditions in dollars before US money centre banks return to market

Chinese vaccine company starts premarketing for IPO

More issuance is on the horizon as Bausparkasse Schwäbisch Hall and ING-DiBa mandate deals and non-eurozone banks eye funding too