Société Générale

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

◆ French bank swiftly acts after spreads tighten following ceasefire rally ◆ Fair value spread returns to pre-war level ◆ Bank pays small new issue premium

◆ Czech bank tightened by 4bp through execution ◆ Order book grew steadily to close at €1.25bn ◆ Banker said execution 'in line with expectations'

◆ Bond the first EuGB covered ◆ Danish issuer tightens spread by 5bp ◆ Issue offers next to no concession

The lack of covered bonds priced this week has focused minds on the the specific requirements of investors and issuers

Market participants recall NIP increases triggered by Trump's 'liberation day' tariffs

◆ Thursday's only covered deal, possibly February's last ◆ French issuer likes dual tranche format ◆ 'Disconnect' between primary and secondary markets apparent, says banker

◆ Issuer's largest covered deal at its tightest spread ◆ Banker said Korean lender is ‘well-liked’ by investors ◆ Pricing seen at fair value despite 'scarce liquidity' in secondary curve

◆ La Banque Postale increased size during execution ◆ French bank’s first covered since October 2025 ◆ French bond was only covered bond priced on Friday

◆ Société Générale and BNP Paribas launch self-led deals ◆ Over €6.3bn of combined demand ◆ Spreads converge

◆ Italian lender becomes first lower tier bank issuer to price this year ◆ Deal launched into 'issuer's market' and benefits from tight price versus national champions ◆ Ayvens issues first green bond in its current form

◆ Deutsche Bank offers longest bank euro tier two since 2020 ◆ Crédit Agricole Assurances refis two tier two stack two years early ◆ SocGen goes for 10 year AT1 stretch