Weekly Covers

◆ New issue premium estimated ◆ One investor type dominates ◆ Performance expected

◆ First hybrid from Belgian utility since 2023 ◆ Size rises by €400m from benchmark ◆ Final book shrinks sharply by allocations

◆ Greek bank tightened spread by 25bp ◆ One of two green bonds sold on Tuesday ◆ Green label creates 'stickier' order book, says banker

◆ French issuer tightens spread by 6bp ◆ Order book closes at €2.5bn peak ◆ Only covered bond issued on Tuesday

More deals are expected later in the week

The new issue premium was, at most, 10bp

Bankers join on two continents as bank seeks to grow in public sector bonds

◆ Shawbrook targets AT1 refi as LV eyes tier two ◆ Deals follow Santander's display of understanding of major UK investors' thinking, says lead ◆ Locks in big size with premium to new euro issuance

EFSF and Land NRW are expected to price new trades on Tuesday

No deals were reported on Monday, but supply could restart the next day

No covered bonds have been issued in primary since Tuesday

Flood of AT1s expected to follow the first public trade from the Gulf in over two months