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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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Labelled FIG issuance has doubled as a proportion of overall euro supply this month, with banks proving comfortable issuing ESG deals up and down the capital structure. In many recent cases, issuers have benefitted from extra leverage on pricing when they have used green labels for their transactions. -
Banco Santander and Banque Fédérative du Crédit Mutuel found good demand for new green senior deals on Thursday, after they tested euro market conditions in the wake of a hawkish surprise from the US Federal Reserve.
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Bank Julius Baer, the operating company of the private Swiss bank, took an unusual approach for its debut euro issue this week as it raised €500m of senior funding with the yield set at 0% from the outset.
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Korean Housing Finance Corporation mandated leads for a euro covered bond on Thursday, to be issued under its social framework. At the same time, after this week’s trio of sterling covered bonds bankers believe there is scope for further Sonia-linked supply.
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GlobalCapital is delighted to reveal this year’s winners of its Financial Institution Bond Awards, which celebrate the top issuers, arrangers, bankers and service providers in the capital markets.
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The European bond market for financial institutions has swung away from liquidity and towards capital, while ESG is becoming an ever-more important theme. Successful lead managers have needed expertise across all these areas, as well as the global distribution capability to help issuers find opportunities wherever and whenever they arise, a recipe well-suited to HSBC.
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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