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◆ Two steps to terms debated ◆ Priced flat to fair value or even with negative concession ◆ Investors split on long-dated holdco supply
◆ Italian bank landed price and size with latest offering ◆ Covered was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’
◆ Record-breaking reset spread ◆ Issuer sails through previous 300bp barrier despite investor resistance ◆ Minimal new issue premium
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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Host of lenders sell mortgage pools in capital optimisation drive, with more expected next year -
HSBC leads Yankee charge as banks took advantage of tight spreads to bring forward 2025 funding plans and fulfil some of their riskier commitments
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Interest from assets managers led the German bank to issue a rare fixed rate sterling deal
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Politicians and corporations could try to ban pension funds and asset managers considering environmental and social issues
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◆ Deutsche prints popular €1.5bn deal as investors fight for higher absolute yield ◆ Yield chase prevalent in dollars a day after return of tier ones ◆ SocGen, NatWest market dollar AT1s
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◆ Dutch bank raises A$1bn via local branch ◆ Aussie covered supply significantly down ◆ Tight senior/covered spreads push local major banks elsewhere
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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