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Only third Portuguese covered this year ◆ Fair value at '13bp-14bp' says banker ◆ Investors responded well to three year tenor
BPCE also added a French prime RMBS to the pipeline
◆ Czech bank's first issue since May ◆ Mandate announcement yielded 'decent feedback' ◆ CEE issuers active in covereds this year
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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Bank of Montreal attracted good demand for a €1.25bn eight year covered bond on Tuesday and paid a modest new issue concession. The outcome was deemed a fine result given that market conditions are not at their best. -
Bank borrowers were making good use of a narrow issuance window this week, drawing on the support of smaller sized but higher quality order books to command tight pricing in euros.
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Swedbank was looking to price its first sterling green bond on Tuesday, as foreign funders find plenty of reasons to diversify into the currency.
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Aegon Bank has mandated leads for its first soft bullet covered bond with a deal in the ultra-long end, where demand has proved tricky more lately. Unlike Aegon’s previous conditional pass through (CPT) issuance, this transaction is eligible for the ECB's Covered Bond Purchase Programme.
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Generali launched a takeover bid for fellow Italian insurer Cattolica this week, leading to a sharp rally in the value of the smaller and once beleaguered firm’s tier two bonds.
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Close Brothers Group has launched a process to buy back its only tier two bond, as it looks to replace the deal eight months before its first call date.
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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