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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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Aegon’s head of capital market solutions, Lein Pieter Cevaal, speaks to GlobalCapital about the bank’s recent experience with its debut 15 year soft bullet covered bond, a maturity that worked well for the borrower despite awkward market conditions. -
Intershop Holding hit the market on Wednesday for a Sfr100m ($110.5m) no-grow five year green bond — its first outing in the format.
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The sterling market has started June in the same way it finished May: busy. But investors are clearly stating a preference for yield, with demand for tier twos far outstripping the interest in senior unsecured deals.
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Barclays found strong demand at competitive pricing levels in the yen market this week, eschewing the Samurai format in favour of issuing with a swifter Euroyen process.
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Market participants are coming to terms with new technical standards from the European Banking Authority, which give the final say on how issuers should interact with supervisors when they manage their regulatory debt instruments.
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The primary market for covered bond issuance is expected to improve in the five to 10 year part of the curve in the run up to next week’s European Central Bank meeting. Although Aegon Bank showed that the ultra-long long end is open, a more guarded approach is warranted, said bankers on Thursday.
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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