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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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Commerzbank was almost six times covered at the peak of its book for a €500m additional tier one (AT1) on Tuesday, as the German firm leveraged the small size of the transaction to squeeze pricing. -
De Volksbank issued a green non-preferred senior bond for the second time in four months on Tuesday, paying a small premium to keep investors interested.
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TSB Bank attracted good demand for its Sonia-linked covered bond on Tuesday, pushing out along the curve with a rare seven year that sufficiently differentiates from central bank liquidity. The extraordinarily strong sterling market conditions encouraged Canadian Imperial Bank of Commerce to follow Bank of Nova Scotia and mandate leads for another five year Sonia offering.
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Spanish lender Bankinter paid a visit to the tier two market for the first time in four years on Tuesday, raising €750m of capital while paying next no new issue premium.
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Bank of Cyprus will end a 14 year absence from the senior debt market later this week, as it prepares to issue a preferred senior bond to go towards its minimum requirement for own funds and eligible liabilities (MREL).
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Bayfront Infrastructure Management has sold the world's first public sustainability securitization deal that was part of a rare project finance trade. Its chief executive tells GlobalCapital Asia that this is unlikely to be its last.
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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