Weekly Covers

US drug company Eli Lilly jolted the dollar market awake on Wednesday with an eight-part jumbo trade to fund two recent acquisitions

Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing

Heavy issuance met firm demand, though investors are growing more selective

FIG borrowers flood dollar markets as Westpac's SEC exit strategy pays off

FIG issuers have shown that investors are ready to absorb all the supply that comes their way

◆ Strong demand for capital supports two major banks' simultaneous deals ◆ Deutsche goes big and pays concession ◆ SG restricts size for a punchy print at fair value

‘Whole curve open’ for SSA issuers but seven year point stands out as ‘interesting’ spot amid euro curve shape shift

◆ Issuer lands in 'the place to be' amid strong demand for covereds ◆ Achieves its largest covered book since at least 2023 ◆ After 7bp tightening the bond was spotted another 2bp tighter to erase new issue concession

Market participants have questioned if the differential in the risk-weightings between securitized and covered assets will affect demand for covered bonds

Nofal Shehzad at Eurofima and Antonio Gómez-Chaparro de Luna at BNP Paribas discuss the supranational's recent euro deal

Missile alert stunted flow, but pricing still the main barrier

Pair bring first public non-bank deals from GCC since the start of the Iran War