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◆ Smaller institutions attract investors' attention with higher yielding capital ◆ Shawbrook issues its first benchmark ◆ LV= returns to bond market after 13 years
US bank eyes one of the tightest US preferred resets as BBVA goes for subordinated, senior combo
Market participants gathering in Stavanger will focus on market growth
Data
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
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
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Türkiye Cumhuriyeti Ziraat Bankası is in the market with its first ever sustainability bond — a five year dollar benchmark. -
Argenta Spaarbank has mandated leads to issue its debut covered bond deal. The mandate follows the National Bank of Belgium's decision to grant it a covered bond licence, taking the number of issuers in the country to five, boosting the prospects for supply this year.
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La Banque Postale (LBP) sold €500m of tier two paper this week, marking the normally rare issuer’s second sale in the format in just over three months.
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BNP Paribas is set to redeem one of its legacy tier one bonds in full this quarter, as more banks follow recent guidance from the European Banking Authority and clear out old capital instruments.
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Solid demand from investors for Woori Bank's sustainable bond on Monday allowed the South Korean borrower to price its $550m deal at an ultra-tight spread.
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An undercapitalised bank in the crosshairs of a market rout can expect counterparties to demand higher margin calls, particularly when a lot of its assets are already encumbered, as is the case at many European banks. This is a problem of the European Central Bank’s making and one that only it can fix. Making covered bond repo haircuts more severe would be a good place to start.
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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