Weekly Covers

◆ Spread tightened by 5bp ◆ Banker put fair value just inside 58bp ◆ Canadian banks continue strong start to year in covereds

◆ First French public sector borrower in dollars in a year ◆ New issue concession estimated ◆ Secondary performance expected

'A change in vibes in the market' sensed in the state's deal, but real money shows support

◆ BayernLB lands covered at 23bp over mid-swaps ◆ Banker says deal landed at fair value ◆ PBB achieves 'blow-out deal'

◆ Hamburg Commercial Bank prices with 0bp-1bp of NIP ◆ Crédito Agrícola attracts €2.7bn of orders for debut benchmark deal ◆ Erste Bank Hungary offers CEE pickup

Sovereign keeps to tenor rotation and 15 year proves 'a good fit' in current market

Czech defence firm priced at a discount to German competitor Rheinmetall

Issuers get flexible on duration as geopolitical uncertainty flares up

◆ Capital issuance unleashed after geopolitics-powered sentiment boost ◆ Both issuers print tier two bonds with no new issue premiums ◆ Issuers' wider spreads to national champions worked in their favour

◆ Trade achieves strong tightening ◆ Investors keen to buy first BPPE deal in four years ◆ Real estate paper popular purchase in 2026

Demand from the Middle East for the sukuk was steady

Funds will go towards a tender offer for its only bond, due in April