Weekly Covers

Issuers get flexible on duration as geopolitical uncertainty flares up

◆ Capital issuance unleashed after geopolitics-powered sentiment boost ◆ Both issuers print tier two bonds with no new issue premiums ◆ Issuers' wider spreads to national champions worked in their favour

◆ Trade achieves strong tightening ◆ Investors keen to buy first BPPE deal in four years ◆ Real estate paper popular purchase in 2026

Demand from the Middle East for the sukuk was steady

Funds will go towards a tender offer for its only bond, due in April

Bond pricing for the mining company started about 43bp back of its parent

◆ Short-end offering a rare opportunity ◆ Issuer 'liquid' and 'well-liked' ◆ New issue concession estimated

◆ Belgian bank's largest book since at least 2020 ◆ Issuer's first deal to be compliant with the EuGB standard ◆ NIP debated

M&A boom could lead to more primary ABBs

◆ Small deal, big book, limited NIP ◆ Spreads much tighter than before ◆ ‘Strong macro and fiscal results’ boost investor confidence

◆ Backdrop improves for sovereign’s deal ◆ Strong book allows for more tightening ◆ ’Very broad engagement’ from investors a ‘nice thing to see’

◆ Covered was first from issuer since October 2025 ◆ Spread chosen to retain quality of order book ◆ Pipeline update