Weekly Covers

Issuer had already pre-funded in dollars earlier this year

Blackouts keep issuance sparse

There were no new covered bonds issued on Thursday after two on Wednesday and four on Tuesday

Sovereign praised for move to secure funding after volatility

Books for the jumbo €5bn deal were more than three times subscribed

The spread to the sovereign was well over 100bp at initial pricing

◆ Issuer finds solid demand at four year tenor ◆ Reoffer tighter than a €750m 4.25 year placed last year ◆ Single digit new issue premium paid

◆ Both issuers out with similar deals on a busy day in primary market ◆ Demand flows to credit as investors show preference for higher yielding names ◆ Nykredit ends with bigger book due to wider spread

◆ Asset class is 10bp wider than two months ago ◆ Santander prints for the first time in more than two years ◆ Swiss Re restarts even rarer insurance capital funding

◆ Sovereign breaks BTP orderbook record again ◆ Demand was huge, but not because price was cheap ◆ Curve stability despite addition of jumbo 10 year

◆ Issuer’s last covered was in May 2023 ◆ Fifth Dutch covered bond in past month ◆ Fifth €500m no-grow deal in past two days

◆ Bond tightens in grey market after record Treasury level ◆ Goldilocks scenario drew investors ◆ Canadian SSAs back in dollars