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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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Crédit Agricole was nearly five times subscribed for a tier two in the sterling market on Wednesday, as investors showed they were hungry for the extra spread on offer through subordinated products. -
Danske Bank found a smooth ride in the non-preferred senior market on Wednesday, even as investors started to wonder about relative value in the asset class.
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ING Group showed credit investors are hungry for extra yield on Wednesday, as it proved popular with a new tier two deal paired with a green label.
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The skittish state of investor demand that was recently on display in covered bonds may herald a reassessment of credit, particularly as spreads are back to pre-pandemic levels and seemingly have limited potential for further performance.
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Santander has hired Abraham Douek from Citi to lead its coverage of financial institution and SSA clients within debt capital markets.
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As inflation fears spread through the bond market, demand has fallen, particularly at the long end of the curve. However, the SSA market defied this trend last week with borrowers seeking duration, with the average maturity of a deal around 13 years. Similarly, the corporate market stretched its averaged maturity to 12 years, from just 7.4 years the week before.
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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