Currencies

◆ Deal the first publicly placed UK covered bond secured on buy-to-let mortgages ◆ Saving spotted versus RMBS ◆ Low double digit pick-up needed over prime UK paper

◆ German state braves extreme spread volatility ◆ Deal was priced after government signalled higher Bund and Länder supply ◆ ‘Flip side for investors’ is much higher yield

EGBs sell off as Germany tries to fund both infrastructure and defence through debt brake reform

◆ Germany syndicates new Bund after spending shock ◆ Was the spread tight? ◆ ‘A great sign’ that market still functions

◆ Three IG corporate issuers snag more than €12bn of demand ◆ Whipsawing rates do little to dent appetite ◆ Yield hogs: Harley-Davidson tightens spread by 45bp

◆ First sterling benchmark from UK water this year ◆ Lands inside fair value ◆ Comes amid wild moves in rates market

◆ Tuesday brought 'first proper correction' for European FIG bonds this year ◆ But NN sails ahead with tight pricing ◆ Pays some new issue premium due to worse sentiment and larger €1bn size

◆ Prices tight to US Treasuries ◆ Swap spreads move during bookbuilding ◆ It would 'not have been good' to be in euros

◆ New €5bn line opened against ‘not easy’ backdrop ◆ Planned long-end OLO turned out to be 2042 ◆ Flexibility once again serves sovereign well

Loan brings to total revolving credit to £850m

◆ Athene prints £250m off £255m peak orders ◆ Spread lands at top of guidance ◆ Short-dated FRN a 'defensive trade'

◆ Talk of planned mandate change comes as bank raises €4bn ◆ More defence projects to become eligible for loans ◆ Deal not impacted, green label helped