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◆ German bank launches new capital as it seeks to buy back old AT1s ◆ Deal lands amid UniCredit takeover... ◆ ... and prices close to where Italian bank's capital trades
◆ Lender joins lively sterling FIG market ◆ Deal said to be three times covered ◆ HSBC also about to price three-part Samurai
◆ Insurance companies timed deals to engage euro accounts ◆ Second deal after earlier senior bond ◆ Raises fresh capital ahead of perp call
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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The European Banking Authority has warned issuers against rushing into the sustainability-linked bond market, as it works on deciding whether the structures conflict with eligibility criteria for capital and other loss-absorbing instruments. Despite the warning, market participants are pushing hard to make sure banks are able to issue SLBs in any format, writes Tyler Davies. -
Canadian Imperial Bank of Commerce returned to the euro covered bond market for its first deal since March 2020, issuing a highly subscribed €1bn eight year flat to fair value this week. At the same time Laurentian Bank said that its programme had received regulatory approval.
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Aareal Bank and Deutsche Pfandbriefbank (PBB) issued highly successful Sonia linked Pfandbriefe this week, doubling the supply seen so far this year.
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Aareal Bank managed to attract healthy demand for its first Sonia covered bond, enabling it to price the deal in line with fair value, in a large size, with negligible price sensitivity and a high quality order book.
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Laurentian Bank has received approval from Canada Mortgage and Housing Corporation to establish a C$2bn legislative covered bond programme.
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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