Nordea

◆ Spread tightened by 8bp from IPTs ◆ Banker said order book quality stayed high despite losing some investors ◆ Second Czech covered in two days

◆ Issuer paid small new issue concession, says banker ◆ Eika's first covered since May 2025 ◆ Nordic issuers may be 'done for now'

Nordic credit bureau sticks with three original banks for term loan and RCF

◆ Third German covered in two days ◆ Issuer's second covered of 2026 ◆ Small new issue premium offered, says banker

◆ German bank paid small new issue premium ◆ €1bn size was main objective ◆ Low or no new issue concession in line with contemporary deals

◆ Deal execution 'straight down the fairway' at historically tight level ◆ Concession paid to compensate for low spread and competing issuance ◆ Higher yield backdrop helps

The German pharmaceutical wholesaler was upgraded to BBB- by S&P last month

◆ Austrian bank pays healthy new issue premium ◆ Small order book saw minimal attrition ◆ Banker said market was 'heavier' at open

◆ Deal is joint tightest in the asset class since October 2021 ◆ Finishes with larger book than Nordea's November 2025 outing ◆ 'Flight to quality', outright rates and search for sub paper power strong outcome

◆ Banker said deal offered small new issue premium ◆ Green label was 'helpful' if not 'decisive' ◆ Bank has issued 15 tranches of covereds in three years

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

Diverse US senior FIG issuance jostles with perpetual and tier two capital from foreign and domestic banks