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◆ Swedish bank tightened spread by 28bp ◆ LF Bank opted for the €500m no-grow format ◆ Bonds offered 2bp of new issue premium, an expert said
◆ Greek bank tightened spread by 25bp ◆ One of two green bonds sold on Tuesday ◆ Green label creates 'stickier' order book, says banker
Observers wanted 30% of allocations to go overseas, but ENBD fell a little short
Data
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
Tweaks to trading book rules will be next stage of competition
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Demand for the Turkish bank's deal was about three times the issue size -
With issuers in earnings blackouts or nearing the end of their 2025 programmes, issuance slumped in October compared to the September rush
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Meanwhile UBS prepares to appeal court's decision that writing down Credit Suisse AT1s was unlawful
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The deal was priced in a lighter week for euro issuance, with just two other deals in the pipeline
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◆ Spanish lender completes full unsecured capital stack issuance in 2025 ◆ New deal lures growing demand ◆ Debate on new issue premium
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Regulator plans to implement formulaic p-factor proposed in October 2024
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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