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◆ Japanese insurer had almost no attrition in its senior preferred trade ◆ Some NIP left for investors ◆ Busy week for Japanese issuers in euros
◆ Thursday's only covered deal, possibly February's last ◆ French issuer likes dual tranche format ◆ 'Disconnect' between primary and secondary markets apparent, says banker
◆ 'Tight and attractive valuations' for raising tier two capital ◆ Trade follows ratings upgrade ◆ 5bp of concession
Data
Shrinking spreads between the two asset classes have left investors asking if the risk of senior debt is worth it
Nykredit blasts through 300bp barrier, pushing investors up the capital stack
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
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Long wait ends with super-high profile appointment -
Agricole issued early in January, but found the market in better health on its second visit
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Smaller, weaker FIG issuers bathe in spotlight as anything and everything sells
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Investors are hungry for higher yielding FIG bonds
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European insurers' debt issuance volumes are forecasted to increase by 50%-90% this year, with a steady flow of deals from the second quarter. The question is how much of this will be net new capital?
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◆ Mizuho and Westpac NZ the only FIG issuers in dollars this week ◆ After each raised $1.5bn in dual tranchers, monthly volume pushed to $28bn ◆ Market focus also on Capital One's acquisition of Discover
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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