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◆ Tightest callable Italian tier two since 2020 ◆ UniCredit year-on-year spreads continue to tighten ◆ 80% of allocations made to 'solid real money' accounts
◆ No attrition on insurance arm's €500m no-grow 2036 deal ◆ Ample demand from buy-and-hold accounts ◆ 'So much cash available' despite US-Iran peace deal failure
◆ Largest Czech bank tightened spread by 8bp ◆ Subsidiary of Erste Group announced mandate on Monday ◆ 'Arithmetically, there is no FV', a banker said
Data
Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
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Cypriot banks could start selling covered bonds for the first time in a decade if the country clarifies and strengthens its issuing framework in line with new EU standards, Scope Ratings said in a report this week. -
Rizal Commercial Banking Corp (RCBC) sold its debut Basel III compliant additional tier one dollar bond on Thursday, becoming the first Philippine bank to do so.
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The sustainable finance market changed dramatically in the first half of 2020, as participants responded to the Covid-19 pandemic with a wave of tailored bonds — but the second half could prove even richer, with innovations and new issuers coming.
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UBS reckons it has a hit upon a ‘unique formula’ for growth as it expands its investment banking offering to its high net worth clients, writes David Rothnie.
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Bank finance arrangers will err on the side of caution when the euro market reopens next week, with many bankers wondering whether they can rely on squeezed secondary levels as a guide for new issue pricing.
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Bank issuance of commercial paper has fallen sharply in 2020, thanks to generous liquidity provisions from the ECB. But overall issuance has climbed slightly, mostly off the back of increased SSA activity.
Polls and awards
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
Don't miss your chance to choose this year's Bond Award winners
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
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