Weekly Covers
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◆ Curve 'not super liquid' ◆ Fair value estimated ◆ Refinancing green SEK trade -
◆ Market 'working brilliantly' across asset classes ◆ BNP Paribas Cardif's first tier two in 11 years ◆ Investors 'less keen' on UK credit
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◆ French issuer’s first green covered bond since April 2025 ◆ Order book closed at €2.4bn ◆ Issuer said green label helped 'differentiate' the bonds
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◆ German bank's covered tightened 6bp ◆ Order book peaked at €2.5bn ◆ Banker said the issuer could have gone larger than €1bn
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◆ Italian utility prints four and seven year bonds ◆ Shorter leg pulls in stronger demand ◆ Both tranches grow in size as pricing tightens
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Books were more than double the deal's size at launch
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Sovereign's Eurobond began about 40bp back of fair value, said leads
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◆ Greek bank's first deal of the year ◆ Issuer took advantage of an empty market ◆ Priced with 5bp-7bp of new issue concession
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Why should I expose myself to embarrassment and legal risk?
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Lufthansa, Oncor, TP and EWE hold investor calls
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◆ German bank lands flat to fair value ◆ Order book closes at over two times covered ◆ Deal NordLB's first in almost a year
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◆ Italian oil company prints five and nine year maturities ◆ Longer tranche draws stronger demand ◆ Tight execution keeps premiums in single digits
