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◆ Insurance companies anchor long dated green tranche with near-4% yield ◆ Curve extension debated ◆ Deal comes amid widening secondary spreads but lands with negligible premium
◆ UK lender raises $4.5bn-equivalent in five senior holding company tranches this week ◆ Both deals target long dated funding ◆ Despite secondary widening, euro offering lands with hardly any premium
◆ 52bp reoffer equals Nordea’s multi-year record ◆ ‘Insane’ levels show FIG spread compression, rival banker said ◆ Buy-and-hold investors prioritised
Data
Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
Strong demand and tight spreads has propelled volumes past January records
Late-week surge shows investors remain hungry for paper despite macro volatility
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◆ Positive market backdrop for larger and smaller issuers ◆ Canadian bank taps favourable euro funding at similar level to the US market ◆ Smaller Italian lender Sella crunches spread from a year ago -
After a poor start to 2025, a strong second quarter helped lagging covered supply get back on track
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Internal hire ends seven year stint in covered bond research
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◆ First deal since Crelan/AXA Bank Belgium merger ◆ No premium paid ◆ Capped size allows for focus on price
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◆ Société Générale's insurance arm refis legacy perp ◆ Deal lands flat to fair value ◆ Investor sweet spot
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◆ New chapter in Greek banks' rehabilitation story ◆ Issuer 'reprices' Greek banks' short end curve due to huge demand from buyers of established FIG debt ◆ Deal reconfirms appetite for higher spread products
Polls and awards
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
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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