TD Securities

◆ First fixed rate sterling covered since February ◆ Order book was 1.5 times oversubscribed ◆ Tenor made the deal 'more competitive', says banker

◆ First covered bond from DBS since October ◆ 11th dollar covered bond issued this year ◆ Diverse set of deals lined up to follow

◆ Priced 5bp through TD's equivalent euro level, lead says ◆ Bank's first sterling deal in three years ◆ Joins rush of FIG issuance in currency

Burst of deals this year in uneven market suggests investors want alternatives to Treasuries

◆ Bank keen to diversify funding from euro ◆ Issuer paid a premium over its normal euro rate ◆ Bawag keen to establish a dollar curve with more issuance

◆ German bank's covered tightened 6bp ◆ Order book peaked at €2.5bn ◆ Banker said the issuer could have gone larger than €1bn

◆ 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