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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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The European Banking Authority has proposed the introduction of a green asset ratio for EU financial institutions, which would measure the share of EU Taxonomy-aligned assets on bank balance sheets. -
Bankers do not expect to a resurgence of primary covered bond supply in March with banks expected to focus on regulatory issuance. ECB covered bond purchase data was due on Monday afternoon, with market participants eager to see if the central bank increased its buying to contain the recent rise in yields at the long end of the curve.
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European banks have been busy in the credit markets in 2021, despite fears that rising deposits and cheap central bank money would eat away at issuance volumes. Sales have been boosted by a sharper focus on senior debt and a pivot towards dollar transactions.
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Barclays is to face a second shareholder resolution on its response to climate change at its annual general meeting in May, urging it to set more ambitious targets to phase out financing of fossil fuels.
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Subordinated bank bonds were under pressure on Thursday and Friday, as risky assets fell victim to the same volatility that has been plaguing rates markets for weeks.
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The European Commission has opened a public consultation as part of its review of the EU’s crisis management framework, as market participants call for more urgent political progress on key areas.
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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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