Weekly Covers
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◆ First such trade from EIB for nearly 5.5 years ◆ Record size and book prove ESTR's appeal ◆ Pioneer deal could kickstart more issuance, bankers hope -
◆ Iceland draws big book for €500m deal ◆ Sovereign plans to re-establish itself as more frequent issuer ◆ Swedish Export Credit arrives alongside Swedish peer
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◆ Deal prices close to fair value ◆ Retail denoms keep curve tight ◆ Heidelberg takes €1.5bn with dual tranche trade
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◆'Bombastic' day for issuance ◆ Leads 'happy' with 5bp-7bp of concession paid ◆ Compression trend in Italian banks, lead says
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◆ Record IoIs and order book ◆ Landing flat to KfW ◆ Dollar yield plus SSA credit equals success
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◆ Curve 'not super liquid' ◆ Fair value estimated ◆ Refinancing green SEK trade
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◆ Market 'working brilliantly' across asset classes ◆ BNP Paribas Cardif's first tier two in 11 years ◆ Investors 'less keen' on UK credit
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◆ French issuer’s first green covered bond since April 2025 ◆ Order book closed at €2.4bn ◆ Issuer said green label helped 'differentiate' the bonds
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◆ German bank's covered tightened 6bp ◆ Order book peaked at €2.5bn ◆ Banker said the issuer could have gone larger than €1bn
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◆ Italian utility prints four and seven year bonds ◆ Shorter leg pulls in stronger demand ◆ Both tranches grow in size as pricing tightens
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Books were more than double the deal's size at launch
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Sovereign's Eurobond began about 40bp back of fair value, said leads
