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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
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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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Fédération des caisses Desjardins du Québec (CCDJ) issued a rare and well subscribed five year euro covered bond on Tuesday, which was priced inside fair value. The outcome was similar to a recent deal from National Bank of Canada, but is not expected to boost supply prospects. -
Lancashire Holdings returned to the market this week to privately tap its inaugural subordinated bond, following the launch of the deal earlier this month.
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Romain Miginiac, head of research at Atlanticomnium, says the European banking sector is emerging from the coronavirus crisis in surprisingly good shape. But he warns that the pandemic could still be very painful for certain institutions.
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Banque Fédérative du Crédit Mutuel (BFCM) kicked off FIG issuance in the last week before Easter, dropping into the euro market to print a new five year preferred deal.
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HSBC UK Bank plc has set up a UK covered bond programme which, in contrast to its previous one, sits inside its ring-fenced entity and is likely to be used for distributed issuance.
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GlobalCapital today launches the poll to determine our Bond Awards 2021, to commend the outstanding achievements in an exceptionally busy time for capital markets, and we invite you to vote.
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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