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Euro issuance is down despite front-loading and asset managers keep buying
European financial institutions should not neglect investors wanting supply in the belly of the curve
Banco Santander printed its first trade of the year as Yankee banks continued to hit the dollar market in force
Smaller and lower tier bank issuers are enjoying extremely favourable funding conditions, with some able to choose between markets
Sterling issuance has all but evaporated in recent weeks despite evidence of structural demand from UK investors. Even domestic issuers have snubbed the currency but suggest that some euro funders could be lured back
Smaller, weaker FIG issuers bathe in spotlight as anything and everything sells
European insurers' debt issuance volumes are forecasted to increase by 50%-90% this year, with a steady flow of deals from the second quarter. The question is how much of this will be net new capital?
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Demand for domestic covered bonds drives strong outcomes for issuers
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Reopening landed just 0.5bp back of secondary levels
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More credence should be placed on recent deals as secondary curves trade wide of new issues
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More than €10.5bn of orders placed for quartet of covered deals on Thursday
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◆ ‘A great, great trade,’ say rival bankers ◆ Investors ‘under-supplied’ in sterling
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◆ Huge book for infrequent Austrian issuer ◆ ‘Capitulation trades’ in higher beta tier two drives spreads down
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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