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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
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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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BNP Paribas was nearly seven times subscribed for a long call additional tier one (AT1) this week — in its third dollar deal of the year. -
Crédit Agricole has picked banks to run a planned senior preferred Panda bond, its third outing in the format. An investor call has been scheduled for next week.
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Ping An Insurance has raised $250m from the first offshore bond from China following the Lunar New Year holiday. It was also the only borrower from Asia ex-Japan to hit the dollar debt market this week.
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This week’s ground-breaking 10 year Sonia index-linked covered bond transaction from Nationwide is most likely to appeal to other UK Building Societies, as opposed to the large UK commercial banks who have a larger proportion of suitable assets to access central bank funding.
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NPL Markets, which offers access to a trading ecosystem for distressed and illiquid loans, has appointed a handful of senior advisors.
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The rally in Swiss fixed income over the last year allowed Geneva Airport to price a new 10 year deal this week 70bp tighter than where it printed a three year deal last April.
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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