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◆ Wednesday's 'stand out' senior trade ◆ €1.6bn order book largest ever for BoC ◆ First transaction since acquisiton of UAE-based CDB Bank
Elena Bortolotti was promoted to managing director at Barclays in January 2022
◆ Largest Australian tier two tranche since 2020 ◆ Pays slightly higher NIP than earlier deals ◆ 'Novel' structure attracts high quality order book
Data
Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
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
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Widening prices temper size ambitions, but issuers remain upbeat as they adapt to 'new normal' -
French banks are satisfying their appetite for long dated covered funding but whether infrequent core eurozone issuers can replicate this success remains to be seen
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The first covered bond from a Spanish bank since February 2023 was priced with a lower premium than deals done a year ago
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◆ Strong backdrop means Greek banks issuing no longer 'top of the market' ◆ Oversubscribed deal results in one of the lowest reset spreads on Greek tier two, no NIP ◆ CA Auto Bank issues €900m two year FRN
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Despite an unexpected and violent widening of spreads on the second trading day of 2024, the unsecured FIG market has moved from strength to strength so far in January
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New covered deals clear with 3bp-5bp NIP despite softer tone, paving the way for less frequent and periphery borrowers to advance their funding
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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