Santander

Market participants gathering in Stavanger will focus on market growth

◆ French issuer tightens spread by 6bp ◆ Order book closes at €2.5bn peak ◆ Only covered bond issued on Tuesday

◆ Shawbrook targets AT1 refi as LV eyes tier two ◆ Deals follow Santander's display of understanding of major UK investors' thinking, says lead ◆ Locks in big size with premium to new euro issuance

No covered bonds have been issued in primary since Tuesday

◆ Largest coverage ratio for almost three months ◆ Priced flat to fair value ◆ Slow pipeline predicted for rest of week

◆ Asset class is 10bp wider than two months ago ◆ Santander prints for the first time in more than two years ◆ Swiss Re restarts even rarer insurance capital funding

Foreign bank issuers secure tight pricings

◆ Portuguese bank tightened spread by 3bp ◆ First covered from issuer since October ◆ Banker said this is 'good level for issuer'

Santander is marketing an Italian auto and consumer loan ABS from its Golden Bar shelf

The Spanish bank is building out its industry and product teams after doubling down in North America

◆ Spanish bank offers small NIPs for dual tranche deal ◆ Deal useful benchmark for other Spanish bonds ◆ Skew in demand reflects sensitivity at long end, says banker

Market enters third chapter of 2026, in which issuers and investors strike a more equal balance even though issuers may need to pay up