Santander

◆ 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

◆ EBRD priced off primary ◆ KfW achieves greenium? ◆ Tight pricing on both deals

◆ UK and French real money bid for long-dated paper ◆ Market is under-supplied and issuer 'could have printed more' ◆ Bank earnings boost broader confidence

Former investment banker will leave later this year

◆ New issue concession required after Gilt sell-off ◆ Issuer prices close to euro curve ◆ UK asset manager demand

International banks launched a torrent of dollar FIG supply as they swatted away political uncertainty to get 2025 off to a rapid start

Banker promoted after other personnel changes at the firm

◆ UK firm syndicates first dollar covered since July ◆ Benchmark print offers 'modest' concession ◆ Dollar supply down significantly from last year

Rapid promotion since he joined six years ago

◆ First 10 year plus sterling deal outside of UK issuance for years ◆ Pricing will appeal to bank treasuries despite tight level to Gilts ◆ Third 2024 World Bank sterling trade

Banks are looking at next five weeks to raise anything from deeply subordinated capital to senior debt

◆ Deal has a large $2.5bn size ◆ Front end opportunity opens up ◆ €18bn raised so far in 2024