NordLB

◆ 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

◆ Covered was first from issuer since October 2025 ◆ Spread chosen to retain quality of order book ◆ Pipeline update

◆ 'Insane' spread tightening ◆ Issuer lands through fair value and close to German deals ◆ Canadian and Norwegian paper priced

◆ German bank priced first covered of 2026 tight to fair value◆ Issuer opts for no-grow technique ◆ Speculation over how tight 10 year covereds can go

German bank's report says French covereds will likely remain competitive