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US bank eyes one of the tightest US preferred resets as BBVA goes for subordinated, senior combo
Market participants gathering in Stavanger will focus on market growth
Europe’s self-proclaimed investment banking champions are playing to their strengths, but remain far behind US peers
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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BPER Banca and UBS ventured out into the euro market on Thursday. After a quiet few days, issuance is ramping up as rates volatility subsides, with bankers expecting a light shower of deals ahead of Easter. -
The European Union’s final draft Taxonomy of Sustainable Economic Activities came in for heavy criticism from a European bank's head of funding on Thursday, who said that the compromise wording would torpedo the market for green covered bonds.
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Société Générale benefitted from calmer issuance conditions on Thursday as it sold €1bn of new tier two debt. The deal takes another chunk out of the issuer’s capital plans, which totalled a sizeable €4.5bn at the beginning of the year.
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The Covid pandemic has delayed a lot of progress in the capital markets, but bankers say the industry is still on track to meet Libor transition deadlines. Investors have consented to the Bank of Nova Scotia transitioning the basis of its sterling covered bond from Libor to Sonia, while Westpac is seeking consent.
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GoHo Asset Management Co returned to the debt market for a $100m bond on Wednesday.
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Financial issuance got underway in the euro primary market on Wednesday, with borrowers keen to bring forward ESG-labelled bonds in the first deals of the week.
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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