Santander
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The Greek infrastructure investor said the cash will be allocated to transportation, water, energy and other related infrastructure projects -
ECA-backed deal comes after AFC raises $2bn to fund infrastructure development
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◆ Asian issuer opts for £500m no-grow format ◆ Deal offers small new issue premium ◆ Deal takes cue from BMO and KHFC
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◆ Broken tenor answers two requirements, says banker ◆ Issuer's last covered bond deal was in November 2025 ◆ Only Italian comparables picked
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◆ Books remain intact with premiums paid ◆ Investor fatigue setting in ◆ Yields falling after Iran-US peace deal progress
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◆ Bankers said the deal offered a few basis points of new issue premium ◆ Bank's last covered bond deal was in January 2025 ◆ Lead managers used a small set of comparables
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◆ 5bp of tightening is the ‘standard’, said banker ◆ NatWest’s covered slightly wider than tightest sterling this year ◆ Fifth covered on a Friday this year
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◆ Belgian issuer places euro benchmark deal at €500m ◆ One of three covered bonds issued on Wednesday ◆ 'Numbers tell their own story' says banker
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European bank trio pushes dollar AT1 volume well above the same period last year
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◆ Sterling trade was lender's third tranche of covereds this year ◆ 48bp was in line with fair value, a banker said ◆ Santander UK's first sterling covered since May 2025
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Market participants gathering in Stavanger will focus on market growth
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◆ French issuer tightens spread by 6bp ◆ Order book closes at €2.5bn peak ◆ Only covered bond issued on Tuesday
