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◆ Final book tops $6bn ◆ Higher beta paper 'clearly in demand,' syndicate banker said ◆ NIP debated
◆ Deal sets new multi-year tight spread for a senior non-preferred euro bond ◆ Sale follows Nordea Bank's seven year senior preferred from last week ◆ Both issuers offer some new issue concession to compensate for low spreads
French banks lead the charge in euros with tighter than average NIPs
Data
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
Strong demand and tight spreads has propelled volumes past January records
Late-week surge shows investors remain hungry for paper despite macro volatility
Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans
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◆ €500m 6NC5 senior priced at 90bp over mid-swaps ◆ Concession debated ◆ Rounds out a successful year for Greek banks -
Esoteric emerges as bankers are close to the end of their pipelines
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◆ Final book under €800m ◆ 'Low single digit concession' ◆ 'Trickier' for German LBs in senior than covered
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Banks crowd the short end in another busy week for private placements
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More subordinated bonds have come from CEE this week than in all of 2024
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Books were more than three times the deal's $1bn size, although orders did leave
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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