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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 banking landscape in Spain and the UK is set to change, amid pressure on banks' profitability, after a flurry of announcements this week. -
An accounting standard was launched on Wednesday that could prove a major step forward in how banks and investors calculate their contributions to climate change, and their progress towards net zero emissions.
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Permanent TSB attracted plenty of demand for a new additional tier one (AT1) note on Monday, with a lack of issuance in the asset class sending investors towards names offering higher yields.
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Oma Savings Bank attracted exceptionally strong demand for its sub-benchmark covered bond on Wednesday, thanks to the double digit spread pickup it paid compared to deals from compatriot Finnish national champions. Caffil, meanwhile, recently issued an ultra-long private placement and said it plans to print further out the curve.
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Italy’s BPER Banca was more than three times subscribed for a small tier two deal on Wednesday, as sub-benchmark transactions prove more popular than usual in the euro market.
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The Co-operative Bank is getting ready to sell its first senior bond for the minimum requirements for own funds and eligible liabilities (MREL), after letting investors know that it is engaged in discussions about a possible takeover.
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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