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◆ Record-breaking reset spread ◆ Issuer sails through previous 300bp barrier despite investor resistance ◆ Minimal new issue premium
Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
◆ Bank closed order book at €1.85bn ◆ Larger size, tighter spread than issuer's last covered ◆ Order book was 'brilliant', says banker
Data
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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◆ Deals pricing close to fair value amid healthy demand for bank capital ◆ AIB resuscitates euro issuance with first deal in two months ◆ BBVA and StanChart go for larger dollar market -
◆ UK builder lands strong £1bn size ◆ Bankers confident more sterling supply will follow ◆ Slim premium paid, if any
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◆ Italian covered supply returns after four month absence ◆ Crédit Agricole Italia set to reopen long end of the curve ◆ Deal expected to come inside BTPs
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◆ Bank of Nova Scotia and Barclays visit sterling ◆ Pace of bookbuilding and price tightening slows ◆ Goldilocks scenario makes arb attractive
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◆ BPCE flags new deal as potential sole euro Tier two of 2025 ◆ Immediately follows with 'attractive' multi-tranche Yankee ◆ Generali funds grandfathered capital buyback with new €500m green line
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◆ Deal to be the first euro Pfandbrief since October ◆ Five year a popular tenor with all except insurers ◆ Fair value considerations revealed
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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