Weekly Covers
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Corporate issuance from the country in 2025 is at record volumes -
Bank returns to London Stock Exchange eight years after being taken private
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◆ Popular Adidas more than four times covered at peak ◆ Investors leap at rare deal ◆ Tight top quality credits used for pricing
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◆ Sterling covered bond follows AT1 and senior deals in US dollars ◆ Latest trade is the tightest Sonia covered of 2025 ◆ Comes amid visible recent performance in the asset class
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Sovereign prices flat to euro curve and 'well in line' with peers despite being less frequent in the currency
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The country finished international funding this week with a €2bn trade
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With issuers in earnings blackouts or nearing the end of their 2025 programmes, issuance slumped in October compared to the September rush
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Proceeds will go towards financing exercise of remaining rights
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Meanwhile UBS prepares to appeal court's decision that writing down Credit Suisse AT1s was unlawful
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It has added three year loans to the autumn round after bringing them back in the spring
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◆ Spanish lender completes full unsecured capital stack issuance in 2025 ◆ New deal lures growing demand ◆ Debate on new issue premium
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◆ Spanish agency returns to euros ◆ Big demand for small deal ◆ Tight spread to Spanish govvie
