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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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A new era has begun in the US, with the swearing in of Joe Biden as president. For America and the rest of the world it is a sea change in leadership style and political substance. -
The Spanish government’s decision to extend laws that prohibit tenant evictions is a blow for the credit strength of the country's covered bond and mortgage securitizations. But even so, supply scarcity will continue to have more influence on Cédulas valuations and spreads, which have already tightened this year and may well have further to go.
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A double-digit spread over mid-swaps is still possible in covered bonds from Poland, Slovakia and Dutch conditional pass-though deals, suggesting scope for performance is strongest in these markets, said bankers on Wednesday.
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Higher rates and execution certainty in the dollar bond market have given investors something to get excited about, with supply from financials in the currency outstripping that in euros so far this year.
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Italian prime minister Giuseppe Conte won a vote of confidence in the country's senate last night, removing the immediate threat of the government he leads collapsing. Relieved investors flocked back to Italian assets in the aftermath but Italy’s political troubles are unlikely to be over.
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Deutsche Pfandbriefbank could take advantage of a quiet backdrop in the euro FIG market to launch the first deal from its green bond framework.
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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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