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Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
FIG issuers have shown that investors are ready to absorb all the supply that comes their way
Market participants have questioned if the differential in the risk-weightings between securitized and covered assets will affect demand for covered bonds
Data
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
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
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Rating: Baa1/A-/A+ (issuer expected)
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FIG borrowers may be well funded, but rates are low and market conditions are good enough to support opportunistic issuance — as was shown this week by a slate of deals across the capital structure. Given a volatile end to 2020 is likely, issuers will need to stay alert and take advantage of funding windows as they arise, write Frank Jackman and Bill Thornhill. -
The European Commission has unveiled bold plans to promote the renovation of existing housing stock in a bid to improve energy efficiency and so cut EU’s carbon footprint and provide a much-needed stimulus to the economy. At the same time, the European Covered Bond Council is implementing its energy efficient mortgage plan that aims to improve the supply of collateral securing green covered bond issuance.
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Nordic banks are likely to focus on smaller private placements for the rest of the year, with many already having enough liquidity that they do not need to print new benchmarks.
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South Korea’s Woori Bank sold its first Kangaroo bond on Thursday, raising A$400m to help fund its response to the coronavirus pandemic.
Polls and awards
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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
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