Weekly Covers

◆ No attrition on insurance arm's €500m no-grow 2036 deal ◆ Ample demand from buy-and-hold accounts ◆ 'So much cash available' despite US-Iran peace deal failure

◆ Real estate firm takes £400m on second outing ◆ Single digit concession needed ◆ Elevated sterling yields putting off potential issuers

◆ Spreads on all three legs tightened by 30bp ◆ Short end leads demand ◆ Deal follows BMW's outing in January

◆ Sterling trade was lender's third tranche of covereds this year ◆ 48bp was in line with fair value, a banker said ◆ Santander UK's first sterling covered since May 2025

Édouard Sauce had been with the firm for almost a decade

◆ OCBC's prices first covered bond since April 2025 ◆ 10th Asian covered issued in 2026 ◆ Order book peaks at over €2bn but lost €400m

◆ Amazon preparing six tranches in Swiss francs ◆ Alphabet preps first yen bond ◆ Rising capex driving hyperscalers into new funding lanes

Tej Singh leaves firm suddenly

◆ EU regs plan sparks debate over treatment of secured borrowing ◆ Blistering corporate and FIG issuance but why are premiums rising in one market but not the other? ◆ UK Renters' Rights Act to impact UK buy-to-let RMBS market

◆ Food group issues euros to finance dollar tender ◆ Low single digit concession offered ◆ Dairy firm Arla preps euro debut

Victoria Power Network makes first appearance in the currency

The US bank is showing its global credentials at a time of increased transatlantic tensions but European banks are equal to the challenge