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◆ Swiss bank lifts nearly €3bn-equivalent ◆ Long euro tranche lures large demand ◆ Both tranches pay visible premium in 'pragmatic' funding approach
◆ Green tier two comes against 'rocky' macro backdrop ◆ Takeover battle throws uncertainty on secondary performance ◆ 'Elevated NIP' paid, rival banker said
◆ UK insurer returns to home currency after two years ◆ Gilt yield surge aids revival in sterling FIG across capital structure ◆ High single digit NIP
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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Nationwide Building Society made a small piece of history in the covered bond market last week. The UK building society printed the first covered deal in euros from a UK bank since Brexit. It was also the issuer's first 20 year and the first covered bond in that maturity from anywhere outside the eurozone. Senior funding manager, Krishan Hirani, spoke to GlobalCapital about the genesis of the deal. -
Shinhan Financial Group sold a Basel III-compliant additional tier one bond with a sustainability label this week, funnelling some of the proceeds from the $500m trade to Covid-19 relief efforts.
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Banco General’s additional tier one debut on Tuesday came with a slimmer spread to its senior curve than similar instruments from Latin American banks, said bankers, as the Panamanian lender printed $400m of perpetual non-call 10 subordinated notes.
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The Pfandbrief market is in the middle of a tumultuous year which includes not only the adoption of the EU's Covered Bond Directive but also digesting the bloc's Taxonomy for Sustainable Activities. Of course, this is all happening against the backdrop of the coronavirus pandemic and lockdowns, which have hit the commercial real estate market that underpins much of the product. Jens Tolckmitt, chief executive of the Association of German Pfandbriefbanks (vdp), spoke to GlobalCapital about how the market has coped.
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Recent trades have demonstrated just how sublime primary market conditions are for covered bond issuers, stoking a revival of the previously dormant sector.
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DNB Boligkreditt took advantage of strong market conditions to mandate leads for its second covered bond of the year on Tuesday.
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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