Weekly Covers

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

Uzbek bank's deal is the first deal from the country in 2026

The lender started investor meetings late in April

Books were more than five times the deal size, which was capped

New issue premiums in recent weeks were lower compared to the highs after the Iran-US conflict began

◆ HSBC markets new dollar AT1 less than two months after raising $2.5bn ◆ Belfius Bank seen as candidate for further AT1 issuance ◆ Belgian lender is touring Europe to presents its 2026-2030 plan

◆ ING brings its first euro capital trade of 2026 ◆ Fair value debated ◆ ING's and Intesa's tier two deals were "not a competition"

◆ Telecoms firm takes €1bn across two legs ◆ No to negative premiums offered ◆ Real money sticks as fast money falls out

◆ No attrition on insurance arm's €500m no-grow 2036 deal ◆ Ample demand from buy-and-hold accounts ◆ 'So much cash available' despite US-Iran peace deal failure

◆ Real estate firm takes £400m on second outing ◆ Single digit concession needed ◆ Elevated sterling yields putting off potential issuers

◆ Spreads on all three legs tightened by 30bp ◆ Short end leads demand ◆ Deal follows BMW's outing in January

◆ Sterling trade was lender's third tranche of covereds this year ◆ 48bp was in line with fair value, a banker said ◆ Santander UK's first sterling covered since May 2025