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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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Trading in Banca Monte dei Paschi di Siena’s tier twos has heated up this week, following reports the Italian lender is looking for a new capital raise as well as a merger deal. -
Fresh lockdown restrictions added to a sense of anxiety in Europe at the start of the week, with credit markets already on tenterhooks ahead of the US presidential election.
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The Association of German Pfandbrief Banks (VDP) has published its opinions on the proposed amendments to the Pfandbrief law. The VDP is calling for a less onerous liquidity reserve, which would be aligned with standard practice for many soft bullet maturity structures used elsewhere in Europe.
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Lloyds Bank has amended the terms of its consent solicitation for two of its additional tier one (AT1) notes, after failing to reach a quorum at its first bondholder meeting. It now plans to use a different spread methodology to calculate the switch over from Libor to Sonia.
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Piraeus Bank expects to hear from the Single Supervisory Mechanism (SSM) this month about whether it can pay the annual coupon on its contingent convertibles (CoCos) in cash. A failure to honour the payment will result in the Greek state-held bonds being converted into equity.
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Industrial Bank Co has locked up more than $800m-equivalent from an international bond sale earmarked for green and social projects.
Polls and awards
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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