Natixis

◆ Soft bullets offer no benefit to Spanish issuers — BBVA ◆ Investors like certainty of hard bullets, says banker ◆ Lead managers use seven Spanish deals as comps

◆ Aussie bank has primary to itself on Friday ◆ Deal ‘sufficiently different,’ say bankers ◆ Both tranches offer small premiums

The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it

Borrowers have been busy already this year so the pressure to issue is off

◆ Canadian bank had primary market to itself ◆ Deal offered small new issue premium, says banker ◆ EBC meeting expected to close the pipeline tomorrow

◆ Order book peaked at close to €2bn ◆ Issuer announced plan to launch ESN in May ◆ Analysts predict mixed fortunes for instrument in the immediate future

◆ Order book peaked at over €3bn ◆ Finnish lender tightens both tranches by 6bp ◆ Issuer's previous covered was in March

◆ German issuer opts for no-grow format ◆ Banker said early update helped ◆ Deal showed only minimal attrition

◆ Order book grew steadily to close at its peak ◆ Second EuGB covered bond ever issued ◆ French lender's previous covered was in January

◆ Stockholm bank reached its preferred size ◆ Issuer’s third covered in three years ◆ Norwegian issuers have dominated Nordic covereds this year

◆ Issuer tightened three year more than its seven year ◆ Both tranches close with €1bn sizes ◆ The bank's previous covered priced in May 2023

◆ Swiss bank landed a dual tranche transaction in February ◆ Banker said group is 'already concentrated around 2029-2030' ◆ UBS's tap was the only activity in Wednesday's covered primary market