Weekly Covers

◆ UK issuer looks for funding in euros ◆ Demand peaks above €4.3bn ◆ Orderbook attrition returns as spread tightened

◆ US dollar benchmark had been slated for later in Q1 ◆ 10 year tenor also considered ◆ Hedge funds allocated more than in some SSA peer deals

◆ 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

◆ New 20 year Bund launched into popular demand ◆ Is 20 years the new 30 years for EGBs? ◆ Fair value in debate

Listings in the works in Romania and Hungary

◆ Good capital issuance window for smaller UK financial institutions ◆ Both use liability management to refi ahead of calls ◆ Close Brothers paying hefty coupon due to heavier motor finance exposure

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

◆ Deal lost €900m of orders on reoffer ◆ 1bp-2bp of new issue concession ◆ Senior preferred spreads 'super tight' versus covered, says lead manager

◆ Supra back for second round of funding ◆ Tried-and-tested pricing approach adopted again ◆ Bond already performing strongly

◆ Cautious start after spreads moved around ◆ KfW's spread tightens, but Länder unmoved ◆ ‘Real’ Länder-KfW spread yet to be established

Speed possible in the private placement market proves attractive, even if the issuer may pay a bit more for it

Oil giant's bonds were priced no more than 15bp over the sovereign's curve