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Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
◆ Simultaneous execution with Alphabet's record deal bodes well for others ◆ More FIG names likely to print in near future ◆ Other European banks diversify funding in Singaporean and Australian dollars
Diverse US senior FIG issuance jostles with perpetual and tier two capital from foreign and domestic banks
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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◆ Banco Montepio targets high 9% ◆ Dollars on fire, euros solid ◆ Size slashed by Czech lender -
Rates volatility is dampening sentiment, with higher Bund yields causing a compression in their spread to swaps, effectively making rates products more expensive to core European government bonds.
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◆ Bank pushes forward to raise capital outside of home market ◆ $750m deal attracts $7.5bn demand by New York open ◆ Deal benefits from government support making it different to other AT1s
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Stadtsparkasse München to test demand for five year Pfandbrief
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The ground breaking deal sent a green light to other UK issuers
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◆ French bank issues SP yen bonds for the first time in at least four years ◆ Deal attracts investors previously unable to buy ◆ May form a template for other European banks
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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