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Despite the boost in demand, overall unsecured supply still lags behind 2025, with the bulk of recent supply coming in covered bonds
◆ Three year creates another point on curve ◆ €750m was target, Leumi’s deputy CEO said ◆ Strong market reopening after summer lull gave confidence
Pierre Gay is retiring after seven years in the post
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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The Single Resolution Board has argued in favour of using contractual guarantees to establish how parent banks will deal with losses at their subsidiaries, suggesting the approach could offer a neater solution for internal bank capital arrangements. -
Chinese securities house Shenwan Hongyuan Securities bagged $500m from its five year bond sale on Wednesday.
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A trio of green labelled debuts attracted “slim” demand on Wednesday, as the three senior deals had to compete with a flurry of other trades for a slice of the shrinking pre-summer investor pool.
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DZ Hyp plans to issue a €750m no-grow Pfandbrief on Wednesday as Muenchener Hypothekenbank (MuHyp) marketed its inaugural sterling benchmark to UK investors amid a sharp fall in global yields.
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Banco Santander is out in the Australian dollar market with its debut Kangaroo bond, and with constructive conditions on offer, further supply could follow.
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Consultancy firm Oliver Wyman said in a report this week that European banks will face a delayed credit impact from the coronavirus pandemic if they fail to unwind emergency government support measures properly.
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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