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◆ Follows RT1 from Crédit Agricole ◆ Still ample demand for insurance capital, rival banker says ◆ Cardif's third capital trade since November
◆ Insurer's debut in euros, having issued in US dollars and sterling ◆ Took larger end of size range ◆ Deal offers relative value to Aussie banks, lead says
◆ UK bank's first European opco deal in more than five years ◆ Higher real rates spurred demand for short-dated assets ◆ Larger FRN clears with no premium
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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◆ Investors fly to bank's deeply subordinated execution that 'ticked all the boxes' ◆ Allianz to pick up sub debt baton with dollar tier two -
Canadian issuer prices the largest covered FRN and first since 2018, as well as the longest rate fixed deal since June
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The issuer’s long absence and competition with TD was unhelpful
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◆ Inaugural trade to follow two days of marketing ◆ Deal to be priced off outstanding tier two paper ◆ Proceeds to top up MREL levels ahead of 2024 interim target
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◆ US bank bulks on bonds as deposits fall ◆ FA-backed duo hit three years
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Plotting market turning points is often prone to false starts
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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