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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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Green bonds awakened the debt capital markets from their long, slumbrous ignorance of environmental peril. -
The European Central Bank failed to provide the “big bazooka” that some capital market participants were hoping for at its meeting on Thursday. But the central bank did show its willingness to continue financing bank lending until the economy starts to recover, suggesting that FIG supply volumes face another difficult year in 2021.
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Two European banks ventured across the Atlantic this week to tap a dollar market that has remained open for business going into mid-December.
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Flughafen Zürich sold its first deal this week since it lost its double-A rating in July, finding the opportunity to price a Sfr200m bond at an “aggressive” level.
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New MENA heads at Citi and Goldman Sachs — Julia Hoggett moves from FCA to LSE — LBBW hires Sim for Asia team
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HSBC returned to the additional tier one (AT1) market this week after a two year absence. It was marketing a dollar deal that it intends to use to fund the redemption of some of its outstanding preference shares.
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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