Covered Bonds

◆ Book supports large deal despite attrition ◆ Belgian scarcity makes finding fair value tricky ◆ 1.5 day execution chosen to aid price discovery

◆ Deal the largest single covered bond tranche in euros this year ◆ Single digit premium paid ◆ French issuers make the most of flat belly of the curve

'No brainer' issuer set to price a seven year bond on Wednesday

◆ Book crosses €3bn after 45 minutes ◆ Investors eager to buy any and all covered bonds ◆ Demand allows for next to no premium

◆ Deal the UK lender's largest since 2010 ◆ Little to no premium paid ◆ UK paper in euros pricing close to EU peers

No competition expected as investors hunger for covered paper across the curve

If bankers face tough rules over personal investments, shouldn’t politicians too?

◆ How the bond market will drive CCMM to provide more climate tech cash ◆ Multilateral development bank hybrid capital — and may have found its niche ◆ Covered bond market roars back to life but will it last?

◆ Deal seven times covered ◆ No premium paid to fair value or govvies ◆ French investors unsure on OAT spread, others happy to buy

SSA spreads present the only major hurdle for rampant covered bond revival

Senior issuance remains the preferred funding route for European banks despite impressive covered bond recovery

◆ BPCE attracts €5.3bn, Navarra €3.5bn ◆ Small concessions to fair value and govvies ◆ Longer dated Spanish deal lands inside higher rated French name