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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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Svenska Handelsbanken has become the latest European bank to put out a call notice for one of its additional tier ones. Market participants are expecting a clean sweep of redemptions for the asset class this year. -
Deutsche Pfandbriefbank launched its first green bond this week, attracting twice as much demand as it needed for its €500m senior print.
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The European Commission is looking to fast-stream work on reforming the EU’s crisis management framework this year, given the lack of political consensus on other issues relating to the Banking Union.
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Four US global banking titans roared out of earnings blackout to raise more than $20bn of debt this week, issuing deals either side of president Joe Biden’s inauguration.
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DZ Hyp is preparing to print its first covered bond of the year. The deal could be launched as soon as Monday, which would allow the German lender to get its business done ahead of an expected EU deal for the Support to Mitigate Unemployment Risks in an Emergency (SURE) programme.
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Caffil plans to issue privately placed covered bonds from its social framework, which secures financing for French hospitals. The longer maturities on offer will diversify from those targeted in its benchmark deals and more closely match its loan liabilities, as well as fulfilling investor needs.
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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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