Weekly Covers

◆ Largest Czech bank tightened spread by 8bp ◆ Subsidiary of Erste Group announced mandate on Monday ◆ 'Arithmetically, there is no FV', a banker said

◆ Deal lands at tight level versus SPGBs ◆ Asian and central bank bids ◆ New issue premium estimated

◆ Tightest callable Italian tier two since 2020 ◆ UniCredit year-on-year spreads continue to tighten ◆ 80% of allocations made to 'solid real money' accounts

◆ Second biggest Swiss deal from a foreign borrower ◆ Front end takes the largest bite ◆ International issuance in the currency surges in 2026

Easily dismissed as "fast money" with all the negative implications that can bring in the primary bond market, hedge funds are becoming increasingly important to covered bond issuers

Uzbek bank's deal is the first deal from the country in 2026

The lender started investor meetings late in April

Books were more than five times the deal size, which was capped

New issue premiums in recent weeks were lower compared to the highs after the Iran-US conflict began

◆ HSBC markets new dollar AT1 less than two months after raising $2.5bn ◆ Belfius Bank seen as candidate for further AT1 issuance ◆ Belgian lender is touring Europe to presents its 2026-2030 plan

◆ ING brings its first euro capital trade of 2026 ◆ Fair value debated ◆ ING's and Intesa's tier two deals were "not a competition"

◆ Telecoms firm takes €1bn across two legs ◆ No to negative premiums offered ◆ Real money sticks as fast money falls out