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◆ Rare five year tenor ◆ Competitive pricing versus dollars and euros ◆ Sixth sterling covered from Canada this year
BPCE also added a French prime RMBS to the pipeline
Order books are more concentrated than before the war, said a banker involved
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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European lawmakers are introducing new rules and restrictions for banks in areas where supervisors could be far more effective acting on a case-by-case basis. -
Banks are asking whether funding conditions have reached a peak, as investors find more reason to balk at tight bond valuations. Deal arrangers argue markets will hold together, but the future could still hold higher new issue premiums and a more careful approach when it comes to trade selection.
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The sovereign, supra and agency sector has seen better buying interest over the past week, but the long end continues to look more vulnerable ahead of the European Central Bank meeting and expected supply.
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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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