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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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Banco Commercial Portugues is planning to build out its debt stack with a preferred senior note, which should have value for the minimum requirements for own funds and eligible liabilities (MREL). -
Banco Santander has followed Belfius Bank in launching a very successful new seven year bond this week, as bank treasury accounts lend their support to low yielding preferred senior paper.
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The European Central Bank bought more than €5bn of covered bonds in January, even as net euro supply fell by €14bn. As a result, almost €20bn of private sector investments were forced to exit the market.
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A handful of Chinese companies managed to hit the bond market on Wednesday for new deals, ahead of not just the upcoming Chinese New Year break but also the jumbo outing launched by Alibaba Group Holding on Thursday.
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Aareal Bank issued the longest dollar Pfandbrief benchmark from a German issuer since 2016 flat to fair value and in good size on Wednesday. The transaction provided a statement of confidence in the credit, following its recent profit warning.
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BayernLB was able to close the books on its debut green bond after only three hours on Wednesday, as investors piled into the tightly priced transaction.
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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