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Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
Issuance may relent next week but the pipeline for the rest of the year is uncertain, say experts
◆ Covered bond issuers take stock as pipeline threats loom ◆ Caution creeps into FIG market ◆ What triple-A ratings for Italian ABS mean for banks, securitization and the credit rating industry
Data
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
Some evidence of green price advantage in secondary market, but not primary
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GlobalCapital is delighted to announce that the Covered Bond Awards 2021 survey will open for voting from Thursday. Congratulations to all those who made it to the shortlists. -
Covered bond primary activity slowed to a trickle in euros on Wednesday as DekaBank issued an oversubscribed sub-benchmark sized five year public sector covered bond amid a pick-up in European Central Bank purchases. At the same time, Muenchener Hyp (MuHyp) tapped the Swiss franc market in the wake of a four part Sfr910m ($992m) deal issued on Tuesday by Swiss Pfandbriefbank.
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A handful of borrowers have found their additional tier one (AT1) paper upgraded into investment grade territory by Moody’s this week, following adjustments in how the agency treats high trigger instruments.
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NatWest Group will gain extra equity after calling a large dollar additional tier one (AT1) issue this week, with banks having now honoured calls on more than two thirds of the deals up for redemption this year.
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The Financial Stability Board has this week recommended that further analysis be carried out to assess how bank capital buffers should work after the coronavirus pandemic. It will set out its next steps in another report in October.
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The covered bond and sovereign, supranational and agency sectors were well very well bid on Tuesday despite supply from the European Union and US T-Bill auctions. Even though US inflation is proving to be much higher than expected, dovish comments from the European Central Bank and the expectation of lower supply over the summer kept the mood light in secondary markets.
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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
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