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◆ Both deals almost four times covered ◆ Pair tightened by 7bp ◆ Next to no premium paid for either bond
◆ Subscription ratio and spread move in line with recent deals ◆ Low single digit concession needed ◆ Small premium paid over sterling
◆ NN the first Friday deal in six weeks ◆ Investors hungry for undersupplied Dutch paper ◆ Book grows after spread set
◆ Norwegian lender shows longer tenors are no issue ◆ Investors flock to four times covered deal ◆ Slim premium paid to reopen market
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◆ Deal lands flat to recent Pfandbriefe ◆ No concession needed ◆ Tight domestic spreads drive Nordic investors towards euro prints -
◆ 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
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◆ 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
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◆ Note is the issuer’s first in euros since 2022 ◆ Slim pick-up paid over larger peers ◆ Little impact from upcoming merger
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◆ Deal is TSB’s second in euros ◆ Minimal concession paid ◆ Bond offers single digit spread over UK peers
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◆ Issuer solves for size ◆ Slim, single digit premium paid ◆ Seven years a popular tenor for French banks this year
