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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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Being a leader in green and sustainable capital markets takes much more than arranging bond frameworks. From advising on sustainability ratings, to structuring deals and managing reporting, to embedding sustainability in lending products, ING is helping clients throughout their sustainability journey. -
Consistency, predictability and transparency were the watchwords for Moody’s financial institutions team over the last year as it navigated the extraordinary conditions during the Covid-19 pandemic.
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The FIG debt capital markets business is as competitive as they come but TD Securities has established itself over the last few years by building a reputation as a house that will go the extra mile for issuers.
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Canadian Imperial Bank of Commerce managed an outstanding result in sterling covered bonds on Wednesday. Despite the fact that 60% of this year’s entire supply has come in the past three days it managed to issue a sizeable deal at the same spread as an earlier one from Bank of Nova Scotia.
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Bank of Cyprus has ended its longstanding absence from the syndicated senior market, returning to print a preferred senior bond that will count towards its minimum requirement for own funds and eligible liabilities (MREL).
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Hypo Noe considerably narrowed the new issue concession for its €500m 10 year covered bond compared to previous deals when it issued on Wednesday. However, it did not achieve its spread ambition, as investors left the order book.
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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