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◆ Sentiment improves after ceasefire extended ◆ Handelsbanken nears record tights ◆ Jyske Bank attracts €3.3bn of orders
◆ 48bp over mid-swaps spread for five year SP paper unbeaten since 2020 ◆ Nordic banks first to exit earnings blackouts ◆ New issue premium debated
Deal raises questions about whether transaction was done at arm's length
Data
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
Tweaks to trading book rules will be next stage of competition
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Banks have already printed more green bonds this year than they sold in the whole of 2020 and the momentum in issuance is showing no sign of slowing. Borrowers are increasingly interested in labelling subordinated debt, amid growing evidence that such products can offer even more pricing power. -
Agricultural Bank of China sold a multi-currency deal through its Hong Kong branch this week, raising $1.322bn.
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South Korea's KEB Hana Bank found a stronger response than expected for its sustainability bond this week, allowing it to raise $600m.
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A trio of foreign banks tapped an attractive Swiss market this week, finding opportunities to top up their well-advanced funding programmes with a bit of pricing arbitrage.
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Bank of America has set up an EMEA ESG strategic council chaired and led by three senior investment bankers, to intensify its effort to reduce its carbon footprint and manage its climate risks.
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Bond market participants will be on tenterhooks for the European Central Bank’s latest monetary policy decision on Thursday. The rapidity of the European recovery, and the apparent return of inflation have stoked fears that the ECB would begin to discuss tapering its asset purchase programmes.
Polls and awards
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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