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Contrasting investor receptions in euro and sterling markets but new issue premiums rise in both
Bankers predict steady flow of covered bonds issuance over coming weeks despite recent spike in activity
The conditions are in place for the return of big-ticket M&A to create a European banking champion that is sorely needed — provided the politics of it don’t get in the way
Data
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
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
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A return to dollar funding by SSA borrowers capitalising on higher yields last week dragged the average subscription ratio lower. -
HSBC was looking to issue two tranches of additional tier one capital in dollars on Tuesday, as rates markets moved back into a more stable trading pattern.
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DBS Group Holdings navigated choppy market conditions for its first tier two dollar bond in more than two years on Monday, using its strong credentials and rarity value to its advantage.
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Increased consumer spending leading to a fall in deposits would provide the catalyst for higher covered bond issuance, according to one European bank's head of funding. But only if the credit curve steepens and senior debt grows more expensive to raise relative to covered bond funding.
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Jane Fraser, CEO of Citigroup, said on Monday — her first day in the post — that the bank was committing itself to net zero financed greenhouse gas emissions by 2050. It joins major banks such as Barclays, HSBC and Morgan Stanley in having made such a promise.
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UniCredit’s German subsidiary, HVB, is expected to open order books for a 10 year benchmark on Tuesday. With swap yields currently just positive, the deal has a slim chance of offering a positive return.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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