UBS

◆ Swiss bank landed a dual tranche transaction in February ◆ Banker said group is 'already concentrated around 2029-2030' ◆ UBS's tap was the only activity in Wednesday's covered primary market

◆ OCBC's prices first covered bond since April 2025 ◆ 10th Asian covered issued in 2026 ◆ Order book peaks at over €2bn but lost €400m

◆ British issuer tightens both tranches 6bp ◆ Spreads in line with comparables ◆ Lloyd’s first covered since its sterling deal in March

◆ French issuer tightens spread by impressive 8bp ◆ CFF's fourth covered bond in past two months ◆ Spread of 51bp was flat to fair value, says banker

Europe’s self-proclaimed investment banking champions are playing to their strengths, but remain far behind US peers

Swiss bank is growing its client base on a global scale but without trying to be 'everything to everyone'

◆ Austrian bank paid 5bp new issue concession ◆ Order size consistent with previous Erste covereds ◆ New issue premiums have increased in recent weeks

Bank strives for ‘complete global offering’ in M&A and ECM but market conditions hang in the balance

◆ NAB executed at 30bp over mid-swaps threshold ◆ Banker said deal was 'in line with what was expected' ◆ Leads chose three Canadian covereds as comps

◆ New Zealand bank tightened spread close to FV ◆ Bond more than three times subscribed ◆ Banker said spread struck a fair balance

Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital

Market enters third chapter of 2026, in which issuers and investors strike a more equal balance even though issuers may need to pay up