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◆ Heavy coverage ratio and low attrition ◆ Investors attracted by extra spread versus KBC ◆ Adds more supply in heavy week for insurance capital
◆ Large order book with some attrition ◆ Fair value debated, with hedge funds spotting it tighter ◆ Investors turning more price sensitive, says lead
The bank has been added to DNB's list of registered covered bond issuers
Data
Issuers seizing moment as rates stabalise and spreads hold near historic tights but some deals betray signs investors growing sensitive on price
Less frequent issuers making the most of market with strong bid for yieldy assets
Borrowers want to issue and spreads are tight, but execution windows are very unreliable
Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
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Santander also priced what looks to be the only euro ABS deal this week -
Spreads are back at pre-Iran war levels, but still offer a premium to western Europe
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◆ Issuer was looking to come to market from Monday ◆ Lead says order book 'highest quality' seen on recent trade ◆ Low single digit concession
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The duo were the first AT1s from the GCC since Emirates NBD's reopener in April
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◆'Bombastic' day for issuance ◆ Leads 'happy' with 5bp-7bp of concession paid ◆ Compression trend in Italian banks, lead says
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◆ Market 'working brilliantly' across asset classes ◆ BNP Paribas Cardif's first tier two in 11 years ◆ Investors 'less keen' on UK credit
Polls and awards
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
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
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