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◆ Small premium left for investors ◆ Final yield close to 4% 'inflection point' ◆ Rabo adds to senior green rush
New issue premium was zero, agreed those on and off the deal
This week’s covered bond market was quiet compared to seniors and SSAs, bankers say
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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Bank of China sold one of its high-profile multi-currency, multi-tranche bond deals on Wednesday. The trade, which spanned five of the bank's global branches, raised a combined $2.35bn. -
The Single Resolution Board said this week that it could only get behind a "hybrid model" for the European deposit guarantee scheme (EDIS) if it forms part of a temporary solution on the way to establishing a fuller framework.
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Canadian Imperial Bank of Commerce returned to the euro covered bond market for its first deal since March 2020, issuing a highly subscribed €1bn eight year flat to fair value on Thursday.
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ESG exposures are no longer just 'nice to have', according to alternative asset manager Tikehau Capital, which is doubling down on its sustainable investments in the Covid-19 recovery period.
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Credit Suisse has placed Sfr1.7bn ($1.9bn) of mandatory convertible bonds to repair its balance sheet, following steep trading losses caused by the bankruptcies of Archegos Capital and Greensill Capital. But some predict the bank may need to return for more equity down the line.
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Piraeus Financial Holdings, the Greek holding company which owns Piraeus Bank, has launched a capital raise to give it the firepower needed to offload non-performing loans and has already secured enough demand on one morning of book-building to cover the deal.
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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