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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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◆ 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 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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