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◆ UK bank uses the first issuance window after earnings, central bank meetings and holidays ◆ Deal coincides with busy euro credit market ◆ Barclays attracts attention with relevant new issue concession
◆ Dutch bank goes 'head to head' with Alphabet in euros ◆ Brings its longest ever opco tranche ◆ Book skewed towards two year FRN
◆ French issuer tightens spread by impressive 8bp ◆ CFF's fourth covered bond in past two months ◆ Spread of 51bp was flat to fair value, says banker
Data
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
Tweaks to trading book rules will be next stage of competition
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BNP Paribas offered investors their first chance to pick up sterling paper from a financial institution this year, printing 10 year paper on Wednesday at a cheap level compared to its outstanding euro and sterling curves. -
Toby Croasdell has been appointed global head of MTNs, private placements and commercial paper at Crédit Agricole, following the promotion of previous head Benjamin Lamberg last month.
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The nascent transition bond market is set to get a boost after Bank of China announced plans for a new deal in both dollars and offshore renminbi.
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Craig Meisner, the former head of loan markets for Lloyds Banking Group for North America, has landed a new job at ING Capital.
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Cancelling debt, dual interest rates, helicopter money: if the recovery from the coronavirus crisis stalls in the developed world, we will see calls for more radical central bank action.
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Financial institution borrowers are expected to concentrate efforts on their more difficult trades at the start of this year, reflecting the view that credit conditions cannot get much better — a prudent approach to funding. But the economic recovery is unlikely to be as smooth as expected, and although central banks stand ready, credit market volatility should revive covered bonds as the rainy day funding product of choice.
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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