UBS

◆ 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

Swiss bank racks up $22bn order book as investors jump for yield

Deutsche Bank sparks debate on whether issuers will suffer should they not call AT1 deals amid excellent market conditions

◆ 'Crazy' busy FIG market ◆ UBS goes big in large year for senior holdco redemptions ◆ Deutsche prints senior debt seemingly unaffected by AT1 market's considerations

◆ UBS to price AT1 in 'on fire' market ◆ Deal to increase Swiss bank's capital under maximum allowance ◆ Dual tranche deal exposure to five and 9.5 year points

International banks launched a torrent of dollar FIG supply as they swatted away political uncertainty to get 2025 off to a rapid start