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◆ Smaller institutions attract investors' attention with higher yielding capital ◆ Shawbrook issues its first benchmark ◆ LV= returns to bond market after 13 years
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
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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Davy, the Irish brokerage firm, has shut its bond desk with immediate effect following a damning investigation by the Central Bank of Ireland which found a group of employees breached markets regulation for personal financial again over a period of two years. -
Oldenburgisch Landesbank priced its debut publicly distributed mortgage Pfandbrief on Tuesday, attracting enough demand to ensure the deal size was increased to the top end of the expected range, even as the spread was tightened. But a deterioration in market conditions was blamed for its low subscription ratio.
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Intesa Sanpaolo saved a couple of basis points with the sale of a new senior bond from its green issuance framework on Tuesday, compared to fair value on a conventional deal. The new issue came as markets remained on edge ahead of the European Central Bank’s next meeting.
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CaixaBank was well supported for the sale of a new €1bn tier two this week, becoming only the fourth European bank to issue a capital transaction in green format.
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The transition of Asia’s capital markets away from Libor got a small boost recently when Korea Development Bank sold the region’s second public dollar bond linked to the new benchmark lending rate, Sofr. But the pace of change is not fast enough.
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BPCE attracted good demand for its second dual tranche covered bond of the year, which included a rare 20 year portion. The deal showed that investors are so far impervious to the recent rise in rates.
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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