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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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Investors holding the covered bonds issued by NordLB in Luxembourg said on Wednesday that they were concerned about prospective rating downgrades after the bank said it would be wound down and in the wake of Fitch’s announcement on Tuesday that it had withdrawn its covered bond rating. -
Shares in Conduit Holdings, a new London-listed reinsurance company, rose on its first day of trading after a strong IPO, with investors keen on backing the new vehicle.
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Crédit Agricole landed at an extremely tight level on Wednesday morning as it made its social bond debut with a seven year senior non-preferred deal, following in the footsteps of last week's near zero yield print from Svenska Handelsbanken.
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Credit Suisse gave investors an opportunity to buy new additional tier one (AT1) paper in the dollar market on Wednesday, shortly after receiving a credit ratings upgrade from Moody’s.
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Macquarie achieved a decade low print for a five year Australian dollar floater this week, as the lack of supply from financial issuers in 2020 has sent spreads grinding downwards.
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The resignation of Jean Pierre Mustier as group CEO on Monday night has laid bare deep fissures between the senior management of UniCredit, which has been focused on serving the interests of shareholders, and members of its board, which want to reposition the bank as a servant of the Italian economy.
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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