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Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
◆ French bank has had a busy 2026, issuing across currencies and asset classes◆ Cross-currency rates at 'optimal level' for diversification play, lead manager said ◆ Fair value debated
Very few, if any, Gulf issuers are looking at sterling bonds
Data
Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
Late-week surge shows investors remain hungry for paper despite macro volatility
Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans
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Issuers shift the primary market equilibrium in their favour but questions raised whether it can last -
Insurance firms and less frequent borrowers dominate issuance
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Core Europe to lead the charge but without German issuers
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◆ Bank issues two deals a day after record earnings ◆ Week's fourth euro tier two ends with largest demand ◆ Earlier senior bond achieves highest-ever book for an Australian dollar credit trade
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Short dated vanilla paper led the flow in dollars and euros this week, with local currency clips adding breadth
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Belly of the curve likely to be most active, but anything from three to 10 years is doable
Polls and awards
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
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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