Debt Capital Markets-FIG

What does it mean when a bond is priced like this-

XYZ priced a EUR 400mn 3-year 1.2% Covered bond at MS+36bps

1) Sometimes the size of the bond issue is called "benchmark" 2) If 1.2% is the coupon rate, what is MS+36bps signifying? 3) How is it decided which bond will be priced against Mid Swap? And which not?

Apologies if the above questions sound too basic but I had no bond valuation classes iny UG degree and am unable to understand the above intuitively.

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