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◆ Strong demand for capital supports two major banks' simultaneous deals ◆ Deutsche goes big and pays concession ◆ SG restricts size for a punchy print at fair value
FIG borrowers flood dollar markets as Westpac's SEC exit strategy pays off
◆ Issuer lands in 'the place to be' amid strong demand for covereds ◆ Achieves its largest covered book since at least 2023 ◆ After 7bp tightening the bond was spotted another 2bp tighter to erase new issue concession
Data
Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
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Investors on the hunt for spread and yield, as market adjusts to lower interest rates -
◆ Landesbank delays covered funding as it prints second senior preferred three months after debut ◆ Varying views on concession, minimum 5bp paid ◆ Strong backing by German bank investors
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◆ Italian bank overcomes slower day in primary with first FIG dual tranche deal of year ◆ Why issuer chose twin tranches ◆ Concession discussed
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◆ French bank prints third syndicated deal in just two days ◆ Frequency of visits means issuer has to pay up ◆ Euro tier two ‘better received’ than sterling tier two
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◆ Deal lands with low single digit premium ◆ Investors propel book to almost €5bn ◆ Trade already tighter in secondary
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It was the first senior preferred deal from the bank in two years
Polls and awards
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
Don't miss your chance to choose this year's Bond Award winners
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
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