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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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KISS: the new acronym touted by Sam Woods, chief executive of the Prudential Regulation Authority, in a speech given at Mansion House on Thursday, proposes that regulatory requirements should “keep it strong and simple” after Brexit. -
French bank Société Générale made a triumphant return to the dollar market this week, with its first additional tier one (AT1) capital issue in the currency for more than two years.
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Regulatory debt ratios are declining at some euro area financial institutions as a result of their participation in the European Central Bank’s targeted longer-term refinancing operations (TLTROs) this year.
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An improvement in risk appetite led to a rates sell-off and a spike higher in yields this week, paving the way for an explosion of covered bond supply that went far beyond the volume expected.
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The UK this week abandoned hope of winning a mutual deal on financial regulation equivalence with the EU, and did what many had expected: unilaterally granted European firms access to the UK’s market without gaining matching rights for UK firms. But although this looked like surrender, lawyers believe the UK might have the upper hand.
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It felt like a great weight had been lifted from financial markets this week. Two weights in fact.
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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