Société Générale
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Tight spreads are offering attractive funding climate for foreign as well as diverse US financial institutions, including those exposed to private credit -
◆ Canadian bank’s euro covered was first since May 2025 ◆ Order book grew through execution ◆ Banker said new issue concession ‘not a huge margin’
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◆ German bank fixes deal size from the outset ◆ Banker said the bonds offered a small new issue concession ◆ Primary market to slow ahead of the weekend, banker predicts
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The US bank is showing its global credentials at a time of increased transatlantic tensions but European banks are equal to the challenge
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◆ Strong demand for capital supports two major banks' simultaneous deals ◆ Deutsche goes big and pays concession ◆ SG restricts size for a punchy print at fair value
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◆ First Polish covered bond since PKO’s last ◆ Lender fixed size before execution ◆ Banker said deal offered small new issue premium
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◆ Portuguese bank tightened spread by 3bp ◆ First covered from issuer since October ◆ Banker said this is 'good level for issuer'
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◆ French bank swiftly acts after spreads tighten following ceasefire rally ◆ Fair value spread returns to pre-war level ◆ Bank pays small new issue premium
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◆ Czech bank tightened by 4bp through execution ◆ Order book grew steadily to close at €1.25bn ◆ Banker said execution 'in line with expectations'
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◆ Bond the first EuGB covered ◆ Danish issuer tightens spread by 5bp ◆ Issue offers next to no concession
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The lack of covered bonds priced this week has focused minds on the the specific requirements of investors and issuers
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Market participants recall NIP increases triggered by Trump's 'liberation day' tariffs
