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◆ 'Real money' order book supports €1bn size ◆ 'Not much' delta between Nordic names, lead says ◆ Up to 5bp of concession
The only covered bond issued this week landed with a small new issue premium
◆ Small premium left for investors ◆ Final yield close to 4% 'inflection point' ◆ Rabo adds to senior green rush
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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European banks face tough conceptual and regulatory barriers as they enter the market for sustainability-linked debt. But DCM bankers hope that they can find a simpler solution for issuers by focusing on covered bonds, write Tyler Davies and Bill Thornhill. -
Athora Netherlands returned to the market after almost three years away on Thursday, raising €300m of tier two paper for the first time since its takeover by its Bermuda-based parent.
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Lansforsakringar Bank (LF Bank) enjoyed the sole attention of the market on Thursday as it placed the day's only senior bond in euros. With market conditions constructive, bankers expect more esoteric names could follow.
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The European Central Bank's covered bond purchases remained weak in March and, with issuance expected to stay anaemic for the foreseeable future, it will struggle to prevent its portfolio from shrinking. While this is positive for spreads, returns this year have been abysmal and, in the absence of supply, investors are being squeezed out.
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Singapore’s United Overseas Bank sold its debut sustainability bond on Wednesday, raising $1.5bn and notching a number of other firsts with its deal. Morgan Davis reports.
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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