Covered Bonds

◆ Rare Portuguese issuer lands very close to Pfandbrief ◆ Tightening in covered bond spreads prompts divergent views on where fair values are ◆ Both issuers fund close, if not flat to, perceived fair values

◆ Austrian lender opts for longest maturity considered ◆ Market participants debate impact on broader market ◆ 'Minimal' new issue premium but slim pick-up over sovereign more notable

◆ Note is the issuer’s first in euros since 2022 ◆ Slim pick-up paid over larger peers ◆ Little impact from upcoming merger

◆ Deal is TSB’s second in euros ◆ Minimal concession paid ◆ Bond offers single digit spread over UK peers

Almost one in five euro benchmarks have been tightened by a double digit spread this year

UK lender aiming to position itself close to peers in euros

◆ Issuer solves for size ◆ Slim, single digit premium paid ◆ Seven years a popular tenor for French banks this year

Slim pick-up over larger Nordic peers expected on what could be Sparebanken Sør’s final euro outing

Senior unsecured competition to put pressure on covered pipeline

◆ Lack of comps making finding fair value tricky ◆ Leads spot the deal flat ◆ Demand strong despite contractual structure

◆ French firm sells its first mortgage-backed deal since April 2023 ◆ Negative new issue premium paid ◆ French firms enjoy positive political tailwind

◆ Investors flock to €300m print ◆ Bond priced flat to fair value ◆ Deal spotted tighter almost immediately in secondary