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◆ Strong outcome despite French risk concerns ◆ Participation from a 'who's who' of sterling real money ◆ Sterling market stronger than euros
◆ CFF tightened spread by 6bp ◆ CFF and Hypo Vorarlberg Bank paid small concessions ◆ NN Bank attracted largest order book of the day
Despite the boost in demand, overall unsecured supply still lags behind 2025, with the bulk of recent supply coming in covered bonds
Data
Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
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
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The European Banking Authority has asked banks again to do everything necessary to eliminate “infection risk” from their balance sheets, as some lenders seek new ways to keep cheap forms of legacy capital in their liability structures. -
The European Banking Authority has reiterated its cautious stance on sustainability-linked bonds (SLBs), arguing that coupon step-ups should generally be reserved for "incentives to redeem" under the rules for capital instruments and regulatory senior notes.
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UniCredit revealed the mandate for its debut green bond on Wednesday, which is set to be launched following the completion of a three day roadshow.
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Ahead of what is expected to be a long, dry summer in the primary covered bond market, Korean Housing Finance Corporation (KHFC) and Caffil were out on Wednesday with €1bn new issues.
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NatWest jumped into a dollar market in search of additional tier one (AT1) paper on Wednesday morning, as investors shrugged off short term volatility to open their "deep pockets".
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James Marriott is joining Wells Fargo in a senior debt capital markets role this autumn after he resigned from NatWest Markets, where he was head of DCM and advisory for financial institutions and sovereigns, supranationals and agencies.
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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