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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
Currency's higher yielding appeal has lured investors across the capital stack
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
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First deal of up to $1bn will show way to achieve 100% equity credit -
Any further UK government sell-downs are likely to be on ice following Alison Rose’s resignation as CEO, although the dribble-out of equity will continue
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Scarce issuance gives positive feel to market despite rates uncertainty
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Christian Aid dumping Barclays for fossil fuel finance highlights bank’s unclear progress
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◆ Domestic demand supports sale ◆ Public bail-in debut lands in line with peers ◆ Follow-on deals unlikely as blackouts and holidays suppress the pipeline
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Problem resurfaces despite EU Covered Bond Directive’s attempt to resolve it
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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