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◆ Swedish bank tightened spread by 28bp ◆ LF Bank opted for the €500m no-grow format ◆ Bonds offered 2bp of new issue premium, an expert said
◆ Greek bank tightened spread by 25bp ◆ One of two green bonds sold on Tuesday ◆ Green label creates 'stickier' order book, says banker
Observers wanted 30% of allocations to go overseas, but ENBD fell a little short
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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Recent trades have demonstrated just how sublime primary market conditions are for covered bond issuers, stoking a revival of the previously dormant sector. -
DNB Boligkreditt took advantage of strong market conditions to mandate leads for its second covered bond of the year on Tuesday.
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Bawag became the first Austrian issuer to price a covered bond through mid-swaps since June 2018 on Tuesday when it issued a benchmark 10 year that attracted strong initial order momentum and an exceptionally granular order book. At the same time Austria’s Covered Bond Act consultation came to an end, suggesting the new legal framework will soon be enacted.
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Zuercher Kantonalbank is getting ready to become the first local Swiss bank to issue senior paper in euros, ahead of an important period in its funding schedule.
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Deutsche Bank is planning to issue a new additional tier one (AT1) in euros, as it looks to offset the impact of “certain regulatory changes” and work towards meeting its leverage ratio target.
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Erste Group Bank is lining up its first sustainability bond, as it looks to take advantage of a quiet period for new issuance and a recent back-up in rates.
Polls and awards
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
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
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