TD Securities

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

Foreign banks took advantage of more stable bond market conditions amid a funding splurge by US banks after reporting bumper first quarter earnings

◆ Both issuers out with similar deals on a busy day in primary market ◆ Demand flows to credit as investors show preference for higher yielding names ◆ Nykredit ends with bigger book due to wider spread

◆ UK lender's sixth public dollar covered bond of 2026 ◆ Issuer has placed dollar, sterling and euro covereds this year ◆ Deal size fixed at $1.5bn from $1.95bn order book

◆ Spread fixed at start of execution ◆ RBC has issued four covered tranches this month ◆ Issuer’s last before this month was in January 2025

New appointment comes amid strong Asian private placement activities

◆ Canadian issuer landed first covered since October ◆ Issuer fixed the spread at the start of execution ◆ Banker said there is decent liquidity in dollar covered bonds

◆ Spread fixed early at 53bp over Sofr ◆ Priced in line with ANZ’s dollar trade on Monday ◆ BMO has been a pioneer in covered issuance this year

◆ Banker said deal offered little new issue premium ◆ Euro transaction on Tuesday triggered the deal ◆ Lloyds' last sterling covered was issued in October 2025

Only one of Canada's big five banks has yet to publicly support new defence bank initiative

◆ Spread tightened by 5bp ◆ Banker put fair value just inside 58bp ◆ Canadian banks continue strong start to year in covereds

Despite widening of business development companies' spreads, technicals remain favourable for FIG issuance