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Question at AGM reflects concern about whether banks’ green finance claims are ‘misleading’
Supply, not demand, will dictate future floating rate issuance
Optimism rebounds after recent new issues were priced through fair value once more — but some parts of the curve could be more open than others
European financial institutions — already facing a narrow issuance window over the next couple of weeks — must also navigate renewed rates volatility
Investors are ready to embrace unsecured bank debt yet again — but at double digit new issue concessions
Order books shrink when issuers tighten pricing as investor expectations of rate cuts shift
Investors have swarmed to FIG FRNs despite looming interest rate cuts
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Investors lured by a ‘strong and conservative’ bank with a short-end offering
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BoQ has two conditional-pass-through euro notes outstanding
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◆ Short-end yield and pick-up attractive ◆ Duration bid from insurers persists ◆ Investors eye senior non-preferred over tier two amid supply divergence
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Canadian bank will engage accounts in Sydney and Melbourne in non-deal roadshow
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CFO and former trader is seen as natural successor after Noel Quinn unexpectedly stepped down
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◆ French bank pulled its €500m capital funding in early January amid crowded market ◆ New deal offers some call premium compared to the earlier bullet note ◆ Clears with up to 5bp-10bp new issue premium
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New recruits come as bank wants to build up capital markets business again
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Upcoming supply expected to skew shorter despite long end demand
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New issue premiums increased in the second half of April amid shifting rates expectations
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◆ Issuance may be concentrated on Tuesday after a single deal on Monday ◆ Prospects for euro paper brighter than dollars ◆ AT1s in any currency likely to do well in this market
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◆ Callable FRN structure is ’positive evolution’ ◆ Longer fixed tranche draws €5.6bn orders ◆ Duration for high quality names still sought
Polls and awards
The covered bond market met in Munich on Thursday to celebrate its best at our gala dinner
GlobalCapital hosted the 2023 Bond Awards on Wednesday night, gathering together the market’s best and brightest across treasury teams, investment banks, investors, rating agencies, law firms and tech providers.
The best banks, issuers, platform providers and deals of 2023 will be announced at a gala industry dinner in Munich on September 14
Polling for GlobalCapital's Covered Bond Awards 2021 closes at 5:30pm London time on Monday, August 16, so please be sure to cast your firm’s vote if you haven’t already done so. Preliminary data shows that the frontrunners for many awards are in close contention, so every vote stands to make a huge difference.
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