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Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
◆ French bank has had a busy 2026, issuing across currencies and asset classes◆ Cross-currency rates at 'optimal level' for diversification play, lead manager said ◆ Fair value debated
Very few, if any, Gulf issuers are looking at sterling bonds
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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
Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans
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Pipeline still bottled up but deals could flow once first issuers shake themselves out -
◆ Nordea and CM Arkéa resume European senior funding absent since 'Liberation Day' ◆ Nordea likely to serve as floor for spreads in current market ◆ Arkéa goes slightly longer in its first deal of the year
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◆ Undersupplied insurance sector lures buyers ◆ Bankers debate best comparables ◆ AT1 market reopens (sort of)
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◆ New investors take part in 1.5 day sale ◆ Deal lands flat to peers ◆ Picking the right window 'difficult'
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◆ Bill Ackman’s firm offers chunky spread ◆ But investors only offer modest demand ◆ Company only has one other euro trade outstanding
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Deal will be the first in sterling since early March and suggests senses of stability
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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