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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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Subscription ratio of 5.7 but rival bankers debate premium -
UK lender prints largest single tranche covered bond from a foreign issuer since last August
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Bankers away from mandate question fair value estimate from syndicate
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◆ Big premium at starting level erased completely by pricing ◆ Dollar destination of choice for AT1 issuers ◆ Second example of new structure from BNP Paribas
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◆ Leasing company returns at the three year part of curve a month after issuing €1.5bn in fours and sevens ◆ New deal adds more supply to frequently tapped short end of the curve ◆ Pays about 5bp-10bp NIP but prices tighter than recent three and four year notes
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Starving investors of exposure to it should mean that the bank can lower the cost of its next new issue
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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