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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
Contrasting investor receptions in euro and sterling markets but new issue premiums rise in both
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
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DZ Hyp raised €1bn of eight year covered bond funding flat to its curve on Tuesday in what bankers called a ‘textbook execution’. -
Bank of Cyprus has picked banks to arrange the refinancing of some of its subordinated operating company debt with a new tier two, which it will issue from the holding company level.
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An unforeseen sell-off in government bonds on April 9 left many market participants scratching their heads as to why it happened, but the primary market has showed no apprehension in the week leading up to it or since. In fact, April's first week saw the highest average subscription ratios since January 2019. And this week, Primary Market Monitor brings you data from the FIG bond market for the first time.
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Santander has lost a covered bond trader to Barclays, which itself is in the market for a covered bond analyst after losing two recently.
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Indonesia's Bank Mandiri has sold its first sustainability bond, raising $300m after an order book that was more than 10 times subscribed at its peak.
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Banco Davivienda is preparing what would be the first additional tier one (AT1) bond issue from Colombia’s banking sector, with the country’s second largest lender having begun investor calls on Monday ahead of a proposed perpetual non-call 10 year Basel-III compliant AT1.
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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