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◆ Deal is joint tightest in the asset class since October 2021 ◆ Finishes with larger book than Nordea's November 2025 outing ◆ 'Flight to quality', outright rates and search for sub paper power strong outcome
◆ RBC's second euro dual trancher of the year ◆ Takes large size in very busy market ◆ 'Nice' to price 4NC3 10bp inside Morgan Stanley, lead says
◆ First RT1 since January ◆ Huge order book with no attrition ◆ High-beta appetite increases further down the capital structure, lead says
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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Issuer completes sterling funding at better levels than its recent euro outing -
◆ Investors prefer larger names, but opportunities remain ◆ HCB and Sondrio return to euro senior market
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Each issuer offered much wider spread than core covered bonds and at least 10bp of premium to ensure successful execution
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◆ BNP Paribas sells longest senior euro note since July ◆ Slim 2bp-3bp concession needed ◆ Investors hungry for duration with accounts interest out to 30 years
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Deal priced in line with IPTs with no book updates
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◆ Favourable backdrop entices smaller issuers ◆ Spar Nord Bank seeks euro senior preferred debut ◆ Sondrio and HCOB ready prints of their own
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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