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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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◆ CCDJ aimed to print close to recent Canadian issuers ◆ Westpac goes longer and bigger ◆ Low beta, vanilla 'can work' despite competition -
◆ 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
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◆ 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
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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