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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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As countries across Europe tighten coronavirus restrictions in the run-up to Christmas, the European Central Bank saw fit to relax its ban on dividends on Tuesday and pave the way for resumed payments in 2021. -
The Swiss National Bank said it is “willing” to increase the scope of its foreign exchange interventions to keep the Swiss franc’s value down, despite the US Treasury labelling it a ‘currency manipulator’ this week.
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The European Commission’s plans to tackle the mountain of non-performing loans that are expected next year as government support schemes roll off have been criticised as unambitious. They have been dismissed as containing little beyond a review of proposals that have already been unveiled.
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This year proved to be one of the most dramatic on record for corporate financiers as volumes rose from the ashes of the market sell-off. David Rothnie examines some of the themes that defined the year and looks ahead to 2021.
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There is a growing prospect of state aid for EU banks, said market participants this week, after the European Commission again drew attention to the rules around ‘precautionary recapitalisations’.
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Moody’s postponed its decision on whether to upgrade Banca Monte dei Paschi di Siena (MPS) on Thursday, as the ratings agency wants to examine the Italian bank’s forthcoming capital plan first.
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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