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Standard Chartered raised $1bn AT1 with none to call next year
◆ Issuer captures strong opening to launch capital pre-funding ◆ Achieves tightest spread from Spanish bank in longest tenor ◆ But as market weakened the deal lost some steam
◆ Belfius pre-funding for 2026 ◆ RBI deal more than seven times subscribed ◆ Softness earlier in the week 'just a blip'
Market participants spot first signs that ever improving funding conditions may be over
ESG deals show there is more to labels than just saving on spread
Issuers' desire to put covered pre-funding to one side suggests concerns over bumps ahead
The next leg of the spread convergence between eurozone periphery and core FIG issuers could come from the east or south
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Europe must get to grips with ballooning non-bank financial system -
◆ 10 year non-call period is longest since 2014 ◆ Pricing comes very close to shorter Nationwide deal from June
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◆ UK lender builds demand across two legs ◆ Equivalence 'noise' no problem ◆ Canadian paper provides the closest, most recent comparables
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◆ German issuer lands €1bn at tightest spread... ◆ ...but still pays a premium ◆ Shorter Pfandbriefe less popular with issuers this year
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Department store's JV with Santander comes just as Santander is marketing a deal
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Book shrank by $700m after the issuer squeezed spread
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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