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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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Europe's high grade corporate bond investors are becoming more sensitive to price, as inflation and European lockdown worries rattle nerves. Orderbooks have fallen away during the pricing process, making it more difficult for issuers to tighten far from initial price thoughts. -
Banks with funding ambitions could be more tempted to consider covered bond issuance following a recent increase in execution risk for senior unsecured deal, bankers told GlobalCapital on Tuesday.
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The EU's Single Resolution Board has this week broadened the scope of English law bonds that will count towards the minimum requirements for own funds and eligible liabilities (MREL), even if their contracts do not recognise EU bail-in powers. The changes prompted Belfius to cancel a consent solicitation for one of its tier twos, which would have been disqualified under the previous grandfathering arrangements.
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Paragon Banking Group has concluded a liability management exercise by replacing a large chunk of its outstanding tier two debt with new green paper.
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Bank Julius Baer, the operating company arm of the private Swiss bank, has mandated for its inaugural bond, marking the first time this name has issued at an opco level. At the same time, Pfandbriefzentrale raised Sfr926m ($990.6m) with a new three part covered bond.
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Norwegian borrower Storebrand was the only financial name on screen in euros on Monday as the FIG market paused after the busiest week of the year so far.
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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