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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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The European Union’s Taxonomy of Sustainable Economic Activities, the cornerstone of its action on sustainable finance, looks set to bless several technologies such as biofuels and hydroelectric power that are not just environmentally questionable but actively harmful, as a result of lobbying by vested interests. -
Santander UK completed the first consent solicitation for moving a sterling additional tier one note away from Libor to referencing Sonia on Thursday, setting a precedent for other banks to follow.
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Barclays plc priced a short-dated senior deal about five basis points through fair value in the dollar market this week, as Brexit negotiations come down to the eleventh hour.
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Banks bombarded the dollar market this week with a rich variety of trades in what promises to be a busy run-in to the end of the year with investors still in the hunt for primary deals.
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Banca Monte dei Paschi di Siena led a trio of speculative grade Italian banks into the euro bond market this week, as credit investors showed that no issuers were off limit in their increasingly desperate search for yield. Tyler Davies reports.
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Jean Pierre Mustier's departure from UniCredit may help Italy in an attempt — shared by governments and supervisors around Europe — to push the banking sector to help solve economic policy problems during the pandemic.
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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