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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
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
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
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Axa is lining up its inaugural green deal in tier two format, becoming the latest financial borrower to combine a subordinated bond with an ESG label. -
CNP Assurances found favourable pricing in dollars this week, when it ventured into the Reg S market for its second sale of restricted tier one (RT1) capital.
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The financial markets’ stance on climate change has taken a stride forward as 43 asset managers with $23tr of assets including some of the biggest such as BlackRock and Vanguard have joined the Net Zero Asset Managers’ Initiative. A critical mass of investors is now committed to reducing carbon emissions in their portfolios to zero, meaning that companies can be in no doubt which way they have to go if they want to maximise their potential investor base.
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Dutch bank ING made a triumphant return to the dollar market this week, launching its first SEC-registered trade in almost two years as it added to Yankee bank supply.
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A group of bondholders is threatening legal action against NordLB, claiming the German lender is acting in bad faith by trying to terminate its silent participation capital notes.
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The Federal Reserve said this week that it would lift all of its remaining restrictions on shareholder distributions for banks that can pass its next round of stress tests.
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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