NordLB

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

◆ German issuer's covered was 3bp inside previous tightest ◆ Banker said tightest covered for 2.5 years ◆ Third German covered bond this month

◆ Belgian bank fixed the deal size at €750m ◆ Issuer's first covered since January 2025 ◆ Third Belgian covered in just over a week

◆ FIG spreads show resilience to Iran war headlines ◆ Book grew after price tightened ◆ Could have tightened further on a different day, says rival banker

◆ Belgian issuer places euro benchmark deal at €500m ◆ One of three covered bonds issued on Wednesday ◆ 'Numbers tell their own story' says banker

◆ Belgian issuer tightened spread by 7bp ◆ Order book broke €2bn before closing at €1.9bn ◆ Deal offered a minimal new issue premium, a banker said

◆ 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

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

◆ German bank lands flat to fair value ◆ Order book closes at over two times covered ◆ Deal NordLB's first in almost a year

◆ Portuguese bank has issued one covered each year since 2023 ◆ Banker on the deal said bonds offered small new issue premium ◆ Strong recent covered supply may have affected demand, another banker said

◆ Dutch bank's order book three times oversubscribed ◆ 3bp NIP offered ◆ Issuer placed a green senior bail-in last October

Swiss franc covered bond from Kiwibank the only deal on Thursday after a patchy week