NordLB
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◆ 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
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◆ Covered was first from issuer since October 2025 ◆ Spread chosen to retain quality of order book ◆ Pipeline update
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◆ 'Insane' spread tightening ◆ Issuer lands through fair value and close to German deals ◆ Canadian and Norwegian paper priced
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◆ 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
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German bank's report says French covereds will likely remain competitive
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‘Volatility creates opportunities’ as market digests KfW’s new funding plan
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◆ First senior preferred in two years ◆ 3bp of concession ◆ Senior spreads 'really tight' versus covered bonds
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◆ Both issuers lift more than they typically issue in senior debt ◆ Larger sizes warrant higher concessions ◆ NordLB adds call, CCDJ extends duration
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Internal hire ends seven year stint in covered bond research
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◆ IBB, Saxony-Anhalt, AFL price deals ◆ One trade "accelerated" ahead of cramped market ◆ All notes price tightly
