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◆ Tightest callable Italian tier two since 2020 ◆ UniCredit year-on-year spreads continue to tighten ◆ 80% of allocations made to 'solid real money' accounts
◆ 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
◆ Largest Czech bank tightened spread by 8bp ◆ Subsidiary of Erste Group announced mandate on Monday ◆ 'Arithmetically, there is no FV', a banker said
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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Landesbank Berlin’s sub-benchmark print to provide the next 10 year test -
Calculating concessions ‘the only real challenge’ in red hot covered bond market
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◆ All issuers complete deals with seemingly no competition among them ◆ Three banks choose short and mid range maturities to tap different investors ◆ Market remains receptive for more issuance
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◆ Rival bankers praise deal ◆ Caution as leads ‘don’t have buyers at any price’ ◆ Secondary market performance seen as key to investor appetite
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◆ Diverse set of issuers to fund before the ECB on Thursday ◆ Jefferies prepares rare euro deal ◆ Despite rates volatility, the market is open
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‘A lot more’ covered bond supply expected ahead of ECB meeting on Thursday
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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