Weekly Covers
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◆ Issuer sets 'interesting benchmark' for peers ◆ New issue premium estimated ◆ EIB dollar FRN 'very impressive' -
◆ British lender fixed spread and deal size from outset ◆ Order book closed at over two times the deal size ◆ Fixing terms enabled faster execution, the lender said
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Deals price tightly to Western European peers, with high-spread Icelandic banks performing the most
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◆ Books peak above €6.9bn ◆ Pricing competitive to food group peers ◆ Proceeds to refinance outstanding debt
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The country is one of the most vulnerable in EM to energy price shocks
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Demand allowed the pan-African bank to tighten the yield by 50bp
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◆ Euro deal more than seven times subscribed ◆ New issue premium estimated ◆ Value versus OATs and Spanish agencies
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◆ Largest Czech bank tightened spread by 8bp ◆ Subsidiary of Erste Group announced mandate on Monday ◆ 'Arithmetically, there is no FV', a banker said
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◆ Deal lands at tight level versus SPGBs ◆ Asian and central bank bids ◆ New issue premium estimated
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◆ Tightest callable Italian tier two since 2020 ◆ UniCredit year-on-year spreads continue to tighten ◆ 80% of allocations made to 'solid real money' accounts
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◆ Second biggest Swiss deal from a foreign borrower ◆ Front end takes the largest bite ◆ International issuance in the currency surges in 2026
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Easily dismissed as "fast money" with all the negative implications that can bring in the primary bond market, hedge funds are becoming increasingly important to covered bond issuers
