UBS

◆ French bank issues its first euro AT1 in three years ◆ Deal lands flat to fair value, according to sources away ◆ UBS prepares its second Australian dollar AT1 after September's market reopener

◆ Both legs of dual tranche tightened ◆ Only one covered has landed tighter this year ◆ Banker said both tranches were at fair value

Post-earnings issuance surged with borrowers taking advantage of tight spreads to raise more than $14bn in early February.

◆ German bank started wider at 50bp before tightening ◆ DKB is known for issuing at the long-end ◆ Bond is trading as much as 2bp tighter in secondary

◆ Aussie bank tightened 9bp through execution ◆ Deal more than six times oversubscribed ◆ Bank's last euro covered was in September 2023

◆ Australian bank planning €500m covered ◆ Issuer's first euro deal since September 2023 ◆ Barclays, Natixis and UBS are lead managers

Two recent covered bonds from new issuers offer insight into accessing asset class

Banks welcome UK’s relaxed prospectus rules as IPO pipeline swells

With Sergio Ermotti set to step down as group CEO, chairman Colm Kelleher favours an orderly, internal succession. But in a critical year for the bank, there could be turbulence ahead

◆ Bank placed bond at 68bp over mid-swaps after large tightening◆ Banker said bond priced inside Israeli sovereign ◆ Issue offered ‘savings versus seniors’

◆ Car leasing firm prices dual tranche deal at and just outside fair value ◆ Covered placed Sfr300m, up from Sfr 200m ◆ Third Swiss franc deal of 2026 after UBS and CIBC

Swiss bank goes large across three slices