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◆ More than €20bn of orders at peak ◆ Up to 10bp of concession on each tranche, says rival banker ◆ May push European banks to pay more to get deals done
◆ Macquarie tightened by 6bp to 27bp over ◆ Banker said this represented ‘small new issue premium’◆ Bankers said investor demand for covereds is cooling
Seniors only from BPCE, but BBVA puts full capital stack on offer
Data
Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
Late-week surge shows investors remain hungry for paper despite macro volatility
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Demand buoyed by money market fund inflows as investors 'park cash' -
There still is demand from investors after this week's senior salvo but issuers need to pay the steeper curves if they want to play
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Hungarian bank is set to embark on a non-deal roadshow later this month
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◆ Issuer changes pattern of Tuesday's dual tranche deals ◆ Cheaper relative funding cost at front end prompts FRN ◆ Bank's first senior euro foray of 2025
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◆ Issuer happy to print more at tight price ◆ Single digit premium paid ◆ Australian covered spreads hold firm
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Former JP Morgan DCM head and RBS treasurer join as special advisors to multilateral defence funder
Polls and awards
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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