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◆ Insurance companies anchor long dated green tranche with near-4% yield ◆ Curve extension debated ◆ Deal comes amid widening secondary spreads but lands with negligible premium
◆ UK lender raises $4.5bn-equivalent in five senior holding company tranches this week ◆ Both deals target long dated funding ◆ Despite secondary widening, euro offering lands with hardly any premium
◆ 52bp reoffer equals Nordea’s multi-year record ◆ ‘Insane’ levels show FIG spread compression, rival banker said ◆ Buy-and-hold investors prioritised
Data
Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
Strong demand and tight spreads has propelled volumes past January records
Late-week surge shows investors remain hungry for paper despite macro volatility
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◆ Green label and capped size set up tight pricing ◆ Result is Danske's tightest tier two, beating Covid-era issuance ◆ Some first mover advantage gained -
◆ First syndicated covered bond since early July almost four time covered ◆ Deal lands tight but still offers SSA pick-up ◆ RFPs circulate as pipeline builds
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◆ Wendel proves the summer market isn't just for the big boys ◆ Trio of new issues show buoyant market for banks ◆ Private credit's threat to the investment grade bond and loan markets
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Long tenors shine as US tariffs brushed aside and investors deploy cash ahead of autumn
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◆ First Hong Kong dollar public bond from an international bank ◆ Broader investor access and larger size than PPs customary in the market ◆ Provides attractive funding
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Senior funding there for the taking, covered bonds yet to take off — but conditions are great for all
Polls and awards
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
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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