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◆ First RT1 since January ◆ Huge order book with no attrition ◆ High-beta appetite increases further down the capital structure, lead says
◆ Italian issuer's first covered since June 2023 ◆ Demand for seven year tranche was pleasing, says one banker ◆ Scarcity helped demand for euro transaction
◆ German issuer's covered was 3bp inside previous tightest ◆ Banker said tightest covered for 2.5 years ◆ Third German covered bond this month
Data
Issuers seizing moment as rates stabalise and spreads hold near historic tights but some deals betray signs investors growing sensitive on price
Less frequent issuers making the most of market with strong bid for yieldy assets
Borrowers want to issue and spreads are tight, but execution windows are very unreliable
Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
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◆ Heavy January supply and higher NIPs will spur pre-funding ◆ Earnings blackouts, rates and geopolitical tensions are curbing issuance ◆ Montepio waits for stability -
Covered bond issuance is on track to finish 2023 close to last year’s record, but the more uncertain global outlook suggests next year could prove less certain and more difficult to predict than 2023.
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The ‘perfect name in the right asset class and tenor’
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German bank attracts HNW investors to second deal of year in Singapore dollars with chunky coupon
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Ex-Credit Suisse banker joins for debt structuring job
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◆ Banco Montepio targets high 9% ◆ Dollars on fire, euros solid ◆ Size slashed by Czech lender
Polls and awards
The awards recognise the market's leading deals, issuers, banks and other participants
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
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