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◆ Spread fixed at start of execution ◆ Canadian bank's second dollar covered within six months ◆ Strong supply in dollar covereds this week
◆ Issuer happy with tight spread ◆ Short-dated tenor helped, according to a banker ◆ Treasurer said HCOM may issue one mortgage covered next year
◆ Swiss bank lifts nearly €3bn-equivalent ◆ Long euro tranche lures large demand ◆ Both tranches pay visible premium in 'pragmatic' funding approach
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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Shanxi Securities Co sold a heavily anchored $200m bond on Tuesday, relying largely on Chinese banks for its second international deal. -
French borrower La Banque Postale (LBP) has visited the private placement market to raise tier two debt, which could go towards financing the call of its April 2026 line.
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There is a golden opportunity for banks to set a precedent by issuing sustainability-linked bonds across the capital stack, rather than waiting for regulators to finish fretting over the guidance.
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French and German banks have led the resurrection of the primary covered bond market over the last two weeks, with the sterling market particularly active. They have been making the most of good conditions for borrowers. So far this year, covered bond issuers have paid an average concession of 0.15bp compared to the 2.93bp they paid in 2020.
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Muenchener Hypothekenbank (MuHyp) issued its second ultra-long dated Pfandbrief of the year on Tuesday, flat to the curve and into good demand at the tightest spread for this tenor and longer in the past 18 years.
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Investors wasted little time placing orders for Nationwide Building Society’s 20 year covered bond on Tuesday, reflecting the rare and chunky yield on offer and the expectation that this could potentially be their only chance to buy UK covered bonds in euros this year.
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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