Weekly Covers
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◆ Island region prices €500m sustainable 10 year ◆ Spread tightened 5bp from guidance after book grew ◆ Banker away from deal sees no congestion drag -
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◆ Bankers said the deal offered a few basis points of new issue premium ◆ Bank's last covered bond deal was in January 2025 ◆ Lead managers used a small set of comparables
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◆ Rhineland-Palatinate's ISB pays a slim premium to print ◆ No-grow deal fully subscribed despite thinned-out market ◆ Brandenburg's ILB lines up three year
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◆ Soft bullets offer no benefit to Spanish issuers — BBVA ◆ Investors like certainty of hard bullets, says banker ◆ Lead managers use seven Spanish deals as comps
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Books were nearly four times the deal size, a record €1bn
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Five year bond set to be priced much tighter than the development bank's last senior issue
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◆ Peak demand tops €3.25bn ◆ Deal lands close to fair value ◆ Credit has improved in recent months
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I thought the grass would be greener in fintech land, but it’s patchy and dreary
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Association of German Pfandbrief Banks bi-annual survey finds members are more cautious going into H2
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New issue volume surges while key metrics improve as market backdrop turns supportive
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◆ Italian issuer pairs two sustainable formats ◆ Trade hits size targets ◆ Tight price tests investors' limits
