Weekly Covers

◆ Issuer’s first EuGB hybrid 10 times covered at peak ◆ Tight senior/sub spreads attractive for issuers... ◆ ...while solid yields entice investors

◆ US bank raises close to €2bn-equivalent in tier two debt ◆ Issuer attracts lots of attention and orders ◆ Market participants praise 'cool' deal

◆ Portuguese bank has issued one covered each year since 2023 ◆ Banker on the deal said bonds offered small new issue premium ◆ Strong recent covered supply may have affected demand, another banker said

◆ Close or through fair value ◆ Favourable cross-currency dynamics ◆ Investors choosing maturity over credit

Kuwait joins PP party

The bank is capitalising on an investor base starved of CEE bank issuance

◆ Canadian retail chain lands euro bond close to equivalent dollars ◆ Some concession needed for first new euro line in two years ◆ Minimal attrition as issuer pushes through 100bp barrier

The company is the only corporate issuer in North Africa, making it popular for investors

◆ Peak demand tops 10 times oversubscribed ◆ ‘Widest’ senior corporate spread of the day helps books swell ◆ Negative new issue premium spotted

◆ First Polish covered bond since PKO’s last ◆ Lender fixed size before execution ◆ Banker said deal offered small new issue premium

◆ Sophomore sale attracts greater demand ◆ Some concession needed for larger than expected print ◆ New deal extends hybrid curve

◆ Dutch lender breaks Nykredit's s all-time low reset spread before the Iran war ◆ AT1 is 'rare gem' amid Rabo's capital reduction ◆ Significant market improvement sees BNPP stretching to dollar NC10 AT1