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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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Investors were delighted to add more exposure to Macquarie Group on Wednesday, after the Australian issuer returned to euros for its second senior deal of the year. -
Luminor Bank was more than 3-1/2 times subscribed on its return to the euro market on Wednesday, allowing it to demonstrate a year-on-year improvement in its senior funding costs.
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Svenska Handelsbanken sailed very close negative yield territory when it printed a €500m seven year green senior non-preferred deal on Wednesday.
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Little lenders are being pushed closer to collapse in the UK by rules that were supposed to make them more resilient. The Bank of England should take note.
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After a decade of slumber, the market for euro-denominated Hungarian covered bonds could be poised to reopen. Hungary covered bonds may have a low country ceiling credit rating but the market is well protected and could offer positive yields.
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Vinod Vasan is set to become vice-chairman of global banking at UBS, moving on from a job he was handed only seven months ago as vice-chairman of EMEA debt capital markets.
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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