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◆ Largest Australian tier two tranche since 2020 ◆ Pays slightly higher NIP than earlier deals ◆ 'Novel' structure attracts high quality order book
Deals price tightly to Western European peers, with high-spread Icelandic banks performing the most
◆ British lender fixed spread and deal size from outset ◆ Order book closed at over two times the deal size ◆ Fixing terms enabled faster execution, the lender said
Data
Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
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NN Bank unveiled plans on Monday to issue its first covered bond from its newly published soft-bullet programme. At the same time, Berlin Hyp has mandated lead managers for the sale of a new green covered bond. -
Hannover Re gave away a bit of premium for a new tier two this week, after it touched on the lower bound of the spreads available in the market for insurance capital.
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Two more bankers have ditched NordLB to take on DCM roles at Helaba, as the firm looks to expand its covered bond business.
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The Federal Reserve has come under fire for failing to oblige banks to stop paying dividends at a time of extreme economic uncertainty. The results of its latest stress test showed this week that a quarter of US banks could approach their minimum capital ratios if the coronavirus pandemic leads to a double-dip recession.
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Issuers are struggling to obtain the necessary internal approvals to issue covered bonds, given how expensive the instruments are compared to the European Central Bank's Targeted Longer Term Refinancing Operations (TLTRO III).
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The European Commission has split a new set of initiatives to progress the Capital Markets Union into three sections based around companies' recovery and growth, individuals' savings, and the single market for capital, according to an internal working document obtained by GlobalCapital.
Polls and awards
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
Don't miss your chance to choose this year's Bond Award winners
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
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