Weekly Covers

◆ Senior French bank funding restarts in second issuance week of the year ◆ Unusual delay may have helped issuer push to a tight price ◆ Bond sold at fair value

◆ CaixaBank and ABN Amro complete 'trickier' SNP funding at tight levels ◆ Caixa more popular due to higher spreads ◆ ABN sells rare SNP tranche with three year fixed rate SP

◆ Strong 10 year demand proven again ◆ Nearly 40% of €18.5bn annual funding already done ◆ EU waiting in the wings, 'first proper test' for duration

String of smaller IPOs, convertibles come to market

◆ 301bp reset spread moves inside La Banque Postale's 3% AT1 from 2021 ◆ €2.3bn of orders drop after price tightening ◆ 'We knew there would be attrition [...] we also knew we could land €1bn,' says lead manager

◆ BMO cranks in pricing ◆ ‘It’s an issuers’ market,’ says banker ◆ First covered bond from issuer since 2023

◆ Car leasing firm prices dual tranche deal at and just outside fair value ◆ Covered placed Sfr300m, up from Sfr 200m ◆ Third Swiss franc deal of 2026 after UBS and CIBC

◆ Issuer tests appetite with two stage tightening ◆ New issue concession estimated ◆ Buyers pile into Wallonia's shorter tranche

◆ Boligkreditt lands deal at tightest spread in euros so far this year◆ Spread was at or very close to fair value ◆ Investors liked DNB’s ‘strong pool of high quality Norwegian assets’

◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads

◆ 'Insane' spread tightening ◆ Issuer lands through fair value and close to German deals ◆ Canadian and Norwegian paper priced

◆ Toyota MCC increases deal size ◆ ASF pays small concession ◆ Pair tighten more from IPTs than last year's average