Weekly Covers

Iran ceasefire rally could draw out more issuance before expected May rush

Busy and ‘euro-heavy’ week ahead but dollar pipeline also building with issuers set to bring forward bond plans

Corporate borrowers enjoyed tight pricing as supply thinned ahead of first quarter earnings.

Even if ceasefire succeeds, investors will still want a risk premium

Smaller order books and tighter new issue premiums characterise new phase

Foreign bank issuers secure tight pricings

◆ UK lender chooses home market for first major bank capital deal in sterling or euros in nearly two months ◆ Similar absence of unsecured FIG issuance ◆ Tier two best positioned for sterling restart, says lead

◆ New deal launched at very similar fair value to previous one from September ◆ Italian bank pays higher NIP than before ◆ Timing a consideration as ceasefire sparks rally

◆ First dollar SSA benchmark in two weeks, 'very successful' ◆ 'Pro-investor' pricing approach on show once again ◆ Funding for new fiscal year well underway

◆ Minimal premium paid ◆ Size at top of range ◆ Issuer seizes upon stability

◆ Portuguese bank tightened spread by 3bp ◆ First covered from issuer since October ◆ Banker said this is 'good level for issuer'

◆ Issuer attracted order book of €1bn ◆ Bid-to-cover ratio was consistent with recent precedents◆ Fair value not easy to establish