Weekly Covers
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Bankers say deals are still being launched and believe international rivalry can be negotiated -
◆ AFD gets €8bn-plus book for new 10 year ◆ 'Very positive' start to 2026 for French issuers ◆ EDC back in euros with 'smooth' deal as usual
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◆ Discussion 'whether window still open' amid geopolitical turmoil ◆ Debate over how much tightening ◆ Insulated from swap spread volatility
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◆ Media firm last issued in October ◆ Tariff talk impacts choice of window ◆ Deal finds strong demand and price move
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◆ Issuer had market to itself on Tuesday ◆ Deal landed covered just outside fair value ◆ Issuer's first covered bond since October
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Record fundraising in 2025 has left private lenders fighting for deals
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◆ Investor appetite for five year SSA sterling paper remains strong ◆ New issue concession estimated ◆ SSA sterling volume for January ahead of last year's full month total
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Established names are expected to lead in a market that will require higher concessions
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Listing meant to give government fiscal breathing room
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◆ Mixed elements of senior, covered, SSA bonds ◆ Book peaked at more than €2bn ◆ Several deals paused amid macro worries
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Threat of tariffs between Nato allies push EGB yields down but 'sustainable shift into risk-off' not expected — yet
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◆ Swiss bank's first covered since January 2025 ◆ Only new covered bond anywhere on Monday ◆ Pricing comfortably inside fair value
