Weekly Covers

◆ Post-ceasefire rally brings predictability to market direction ◆ Quick execution brings the deal within vicinity of fair value ◆ Price discovery needed within German senior preferred universe

Defensive approach on Tuesday amid market uncertainty

◆ French bank swiftly acts after spreads tighten following ceasefire rally ◆ Fair value spread returns to pre-war level ◆ Bank pays small new issue premium

◆ Issuer fixed size at €500m from outset ◆ Spread was over 20bp inside issuer’s last covered ◆ Covered was first from lender in 18 months

◆ Spread was tightened by 5bp through execution ◆ Order book was ‘high quality’ says banker ◆ Norweigan bank's first covered since October

◆ Deal met issuer's expectations says banker ◆ Issuer's previous euro covered was in September 2024 ◆ Managers picked comps priced 18bp-31bp over

Busy Thursday ahead as five euro and dollar benchmarks set to price after a slow March

◆ US-Iran ceasefire lifts market sentiment ◆ Hochtief, Verbund draw strong demand in the belly of the curve ◆ SoftBank, Naver, General Mills join swelling pipeline

◆ Timing was everything ◆ Tight NIP on complex fair value ◆ Size and price discipline

◆ Euro benchmark deal fixed at €1.5bn ◆ Banker said new issue premiums down slightly ◆ Lead managers picked comps at 23bp over mid-swaps

Concession was higher than trades from earlier in the year

Funding costs and new issue premiums are much higher than GCC issuers are used to