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◆ Lender takes advantage of demand for higher yielding FIG names ◆ Completes annual funding and MREL requirements ahead of time ◆ Other lower tier European issuers execute similar deals
Dutch lender came 1bp inside recent 12 year German deals
◆ Volatility spikes across markets and asset classes ◆ Citi differentiates from peers by funding at short end too ◆ Amex shows demand for FIG bonds as it issues senior and subordinated debt with negative NIP
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
Flurry of issuance satisfies parched investors and raises hopes for more across the capital structure
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Sergio Herran to swap debt syndication for rates trading
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Scarcity value help propel the book to almost €2bn
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◆ Order book halves after ‘aggressive’ tightening ◆ Bankers away say deal came through fair value ◆ FRN bid 'strong'
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The UK building society attracted a combined €4bn of orders
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◆ Achmea proves appetite for higher beta tier two ◆ HCB senior preferred 3.6 times covered ◆ 'Senior issuance is still working'
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OCP and Sisecam dual tranche dollar deals fly, Kuwait International Bank sells AT1
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Cypriot lender's debut green bond emulates similar deals
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Further Nordic supply expected from Sweden’s LF Hypotek
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International investors get second chance to buy popular Chilean bank capital as primary pipeline builds
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◆ Investors look to pick up spread through subordination rather than stay safe in senior ◆ Credit Mutuel's insurance arm brings deal ◆ But price on Crelan's 10 times covered tier two causes consternation
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◆ Attrition in order books ◆ Investors question valuations amid concerns about new issues underperforming ◆ Pipeline is ‘busy-ish’ and market ‘pretty constructive’
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◆ First euro AT1 in almost two months ◆ Demand is strong but premium required ◆ Changed balance between investors and dealers
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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