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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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Société Générale was set to launch a popular additional tier one deal in the dollar market on Thursday, as investors spied an opportunity to gain a little pick-up over other French bank credits. -
Despite lower yields and some price sensitivity, Bawag found solid demand for its 15 year Pfandbrief, which was issued on Thursday flat to the curve.
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Less frequent issuers found a window for issuance in the FIG bond market on Thursday, with Íslandsbanki launching Iceland's first ever sustainable bond and Hamburg Commercial Bank (HCB) focusing on non-preferred senior debt after twice delaying plans for a tier two.
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Nykredit Realkredit did not need a premium to launch a new non-preferred bond in euros on Thursday, with spreads in the asset class having now returned to where they were before the start of the coronavirus pandemic.
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Bank of Communications Co raised $2.8bn from a Basel III-compliant additional tier one (AT1) capital bond on Wednesday, introducing a new perpetual bond format for Chinese banks.
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HSBC Canada plans to issue its inaugural deal in euros and though the bond is not expected until next year at the earliest, there is a possibility that other Canadian banks could pre-fund before Christmas if strong market conditions last.
Polls and awards
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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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