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◆ HSBC markets new dollar AT1 less than two months after raising $2.5bn ◆ Belfius Bank seen as candidate for further AT1 issuance ◆ Belgian lender is touring Europe to presents its 2026-2030 plan
◆ No attrition on insurance arm's €500m no-grow 2036 deal ◆ Ample demand from buy-and-hold accounts ◆ 'So much cash available' despite US-Iran peace deal failure
Books were more than five times the deal size, which was capped
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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Average new issue premiums in May were lower than a month earlier even though a larger volume of bonds was priced -
Change of guard continues at the bank
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◆ Bankers away from mandate hail sale ◆ Issuer pays zero new issue premium on both legs ◆ Belfius extends green senior preferred curve
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◆ Spanish bank raises €750m new capital ahead of calls in the middle of Sabadell takeover bid ◆ Tight price leads to more than €2.2bn of orders dropping ◆ Greece’s Alpha bank prints first tier two in more than three years
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◆ French firm has issued €5.25bn of mortgager paper this year ◆ Little difference between mortgage-backed and public sector deals
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◆ UK insurer prints inaugural dollar tier two a day after main sterling leg ◆ Achieves currency and investor diversification while meeting £750m funding target ◆ Revival in sterling FIG across capital structure
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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