UBS
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◆ 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
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Europe’s self-proclaimed investment banking champions are playing to their strengths, but remain far behind US peers
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Swiss bank is growing its client base on a global scale but without trying to be 'everything to everyone'
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◆ Austrian bank paid 5bp new issue concession ◆ Order size consistent with previous Erste covereds ◆ New issue premiums have increased in recent weeks
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Bank strives for ‘complete global offering’ in M&A and ECM but market conditions hang in the balance
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◆ 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
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◆ New Zealand bank tightened spread close to FV ◆ Bond more than three times subscribed ◆ Banker said spread struck a fair balance
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Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
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Market enters third chapter of 2026, in which issuers and investors strike a more equal balance even though issuers may need to pay up
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◆ Swiss issuer placed both tranches at €750m ◆ Spreads on both tranches tightened by 5bp ◆ ‘This was a slower trade,’ says banker
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◆ First two-part AT1 euro deal since Intesa's own in 2020 ◆ Funding establishes a flat curve ◆ Intesa, BNP Paribas both observe investors' reset spread threshold
