Danske Bank

◆ Finnish bank tightened by 7bp through execution ◆ Banker said FRV not easy to calculate ◆ Second banker cited recent strong Nordic covereds

◆ Pricing tightened 6bp from guidance ◆ Slim new issue premium assessed ◆ Bankers said demand has thinned for longer-dated covereds

◆ Both legs of dual tranche tightened ◆ Only one covered has landed tighter this year ◆ Banker said both tranches were at fair value

◆ Two banks launch deals in same tenor and asset class ◆ Danske secures tighter price◆ Nationwide's book 'underwhelms'

◆ Both issuers advance 2026 funding plans ◆ LBP issues its first senior bond of the year ◆ Danske prints 20bp tighter than similar May deal

◆ Both issuers advance 2026 funding plans ◆ LBP issues its first senior bond of the year ◆ Danske prints 20bp tighter than similar May deal

◆ Combined demand peaks at more than €5.1bn ◆ Yield curve drives investors towards seven year ◆ No premium needed to hit size targets

◆ New senior non-preferred bond comes a month after defence-labelled senior preferred ◆ Improved sentiment towards new French government ◆ Danske Bank finds 'strong' appetite for tight FRN

US FIG issuance spikes above $90bn ahead of expected Fed rate cut

High demand for senior and tier two debt keeps deals rolling in

◆ Green label and capped size set up tight pricing ◆ Result is Danske's tightest tier two, beating Covid-era issuance ◆ Some first mover advantage gained

◆ Minimal impact from escalating Middle East conflict ◆ Investors eager to buy long end BPCE ◆ Danske lands flat to Pfandbrief