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Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
Diverse US senior FIG issuance jostles with perpetual and tier two capital from foreign and domestic banks
◆ Infrequent issuers achieve tight pricing... ◆ ...but lose a third of orders ◆ Investors may demand more NIP on deals from next week
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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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◆ Interest rate expectations power demand for higher yielding bonds, duration in covereds ◆ Synthetic indices tighten to fresh 12-month low ◆ Market in rude health for January issuance -
Spreads have been resilient as S&P says limited impact on covered bond programmes from Austrian property company's default
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◆ Authority says banks sport best capital ratios ever thanks to improved profitability ◆ With net interest margins having or close to peak this may be about to turn ◆ Major banks unfazed by higher capital requirements as they boast strong buffers
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◆ ECB repayments to influence banks’ covered and SP issuance ◆ But TLTRO repayments less important than this year ◆ Large pre-funding could mean lighter January supply
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Bank analysts agree that Bund ASWs will tighten in 2024
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Regular Swiss issuer reopens two covered bonds in last sale of 2023
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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