Weekly Covers

◆ Issuer nearly halves funding cost from April 2024 capital debut... ◆... close to larger competitors' spreads ◆ New deal strengthens its bail-in debt layer and ratings

◆ Three European lenders hit a busy Friday market with senior bonds ◆ OP Corporate Bank prints the largest of these in a two-part dual-format structure ◆ Once-a-year issuer Iccrea Banca lands at sub-100bp

◆ Issuer tightens by 7bp during execution ◆ Covered was first from issuer since September ◆ Aareal had market to itself on Friday

Issuer braves market volatility to move ahead alone ahead of competing supply, achieving largest unsecured book

Largest ever defence IPO achieved 500-line book, double digit oversubscription rate

The bank has a business model different to other Gulf issuers

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

Books were more than four times the issue size

European Investment Bank brings most duration

Attrition was high after Erste Bank Hungary squeezed the spread

Late-week surge shows investors remain hungry for paper despite macro volatility

Primary market outcomes do not reflect the geopolitical reality