Weekly Covers
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◆ RBC prices debut euro dual trancher ◆ Minimal attrition despite 'ridiculously tight' spread ◆ KBC finds demand for senior non-preferred -
◆ Front-end and belly of dollar curve working ◆ Big order books ◆ Landed close to other recent trades
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◆ Southern European duo steals Thursday's show ◆ Italy grabs unbelievable €20bn ◆ Portugal compresses Bund spread to decades-tight
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◆ NRW tests 30 year demand ◆ both real and fast money feast duration ◆ ADB adds euro to funding mix in active 2026 start
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◆ Three issuers across the A-rated spectrum ◆ L’Oréal brings the biggest deal at €1.75bn ◆ Edenred and APRR print €500m no-grows
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◆ French bank built €8.6bn order book ◆ Strong performance underlines demand for 10-year covereds ◆ Covered note bank's third deal in three days
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◆ Five year deal soars ◆ Issuer upsizes deal on strong demand ◆ Minimal to no concession paid
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◆ Return to 10 year gets deep demand ◆ Spread vs peers had tightened ◆ 'Quite exceptional' primary markets
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Third equity-linked deal appears as ECM ramps up
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◆ UniCredit finds ample demand for dual-trancher ◆ First issuance since Moody's upgrade ◆ NatWest leaves 2bp of NIP for investors
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◆ Deal part public sector, part mortgage covered bonds ◆ Both legs 'at or close to fair value' ◆ Covereds oversubscribed due to political uncertainty
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◆ Almost €6bn raised across seven tranches ◆ 12 years is the 'sweet spot' for supply ◆ Single digit concessions offered
