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◆ More than €20bn of orders at peak ◆ Up to 10bp of concession on each tranche, says rival banker ◆ May push European banks to pay more to get deals done
◆ Macquarie tightened by 6bp to 27bp over ◆ Banker said this represented ‘small new issue premium’◆ Bankers said investor demand for covereds is cooling
Seniors only from BPCE, but BBVA puts full capital stack on offer
Data
Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
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
Late-week surge shows investors remain hungry for paper despite macro volatility
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Last chance to vote for the best winning deals, individuals and organisations in the covered bond market -
PPs and club deals allow for greater execution certainty in a stilled market, say bankers
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◆ Canadian lender completes biggest euro funding since 2020 ◆ Third deal in Canadian bank series ◆ Euro proves 'attractive' for these issuers
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Changes have also been made to the payment structure
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◆ Last euro non-preferred issued more than two years ago ◆ Debate on premium paid with leads spotting 'at least' a 5bp concession ◆ Final spread still a tight absolute level
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Santander's popular dual tranche deal could spur others to follow, but flood of trades is unlikely
Polls and awards
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
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
The awards recognise the market's leading deals, issuers, banks and other participants
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