UBS

◆ CDC raises £500m for first time ever ◆ KfW sets spread from the outset ◆ Two day execution helps distribution

UBS promotes bankers to replace leveraged finance specialist

◆ QTC aims to build curve in euros ◆ Monitoring dollars too ◆ Canadian comps used

◆ EIB taps three year tenor with new EARN benchmark ◆ Eurofima grabs record book with green bond ◆ Busiest week for primary since US tariffs

◆ QTC inaugural deal could 'open doors' ◆ Bank treasuries supporting 0% RW names ◆ NWB opts for sterling alongside CAF

◆ UBS's covered programme now 'well-known' a year after launch ◆ Investors like the chance to pick up triple-A rated Swiss risk in euros ◆ Premium needed for contractual structure

◆ Handful of European banks go Stateside after quarterly earnings ◆ Some revisit dollar funding despite it not offering best relative cost ◆ HSBC goes for size as its triple trancher surpasses BofA's $5bn print

Trading lifted results at Barclays, Deutsche Bank and UBS but corporate finance goals will be harder

◆ German bank tightens 3bp from guidance with minimal NIP ◆ Larger tap than usual ◆ Succeeds in face of tariff uncertainty

◆ Fair value calcs far from straightforward ◆ Largest book for index-linked Gilt offering ◆ Less index-linked issuance in 2025-26?

◆ New 10 year priced without tightening ◆ NIP squashed by swap spread moves ◆ ‘High quality book’ nevertheless

New deal marks the first broadly wholesale capital issuance in Swiss francs after Credit Suisse's demise, say local bankers