Covered Bonds

◆ 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

Structured covered bond expected to offer pick up over legislative peers

◆ Small deal attracts big book ◆ Bond prices through fair value ◆ Austrian issuer compresses spread to more liquid peers

Covered and corporate issuers almost wholly responsible for lower volumes

Bankers expect lack of competing supply from larger names will drive strong outcomes

European banks well-insulated from tariff talk, but negative sentiment clouds pipeline

The investment bank compensation process is as much ritual as reckoning — a yearly exercise in hope, dread, and, for some, quiet fury. But while everyone’s sweats over their number, few stop to ask how it’s calculated. Here’s a blow-by-blow breakdown of what really happens behind closed doors

◆ Danish bank finds demand with Friday print ◆ Shorter tenor appeals to investors ◆ Deal lands close to fair value

Swiss franc bond market records busiest January since 2011

Come February unsecured volumes may surprise amid subdued risks, but tight pricings pose a challenge