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◆ Italian banking in 'very interesting place,' lead says ◆ Low NIP ◆ First issue since Monte dei Paschi announced takeover bid
◆ 'Strong' bid from international and domestic accounts ◆ Priced inside of issuer's target level ◆ Lower NIP than last week's trades
◆ Issuers are fixated on 'short window', banker says ◆ Leads chose only two comparables for latest deal ◆ Orders swell beyond deal size
Data
Contrasting investor receptions in euro and sterling markets but new issue premiums rise in both
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
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Bank of America and Toronto Dominion tapped into investor demand for bonds linked to environmental, societal and governance (ESG) projects this week. -
China Huarong Asset Management offered investors a new issue premium to get its $1.2bn three-tranche bond past the finish line, a move that resulted in a three times covered book with decent support from real money accounts.
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The coronavirus pandemic has sparked an unprecedented wave of sovereign borrowing. Much of the paper has, unsurprisingly, ended up on the balance sheets of domestic banks. This has, equally unsurprisingly, prompted a fresh round of worry about the strengthening of the sovereign-bank nexus.
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Turbulent conditions forced several banks to delay bond issuance plans this week, and one even pulled a transaction after launch. Deal flow is likely to pick up again soon, but the cost of funding is certain to be higher, writes Tyler Davies.
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The European Commission released a new action plan for its Capital Markets Union project on Thursday, prompting many observers to urge the EU to crack on with the proposals, after the CMU has taken years to implement.
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Goldman gives new positions to Marsh, Verri and Sorrell — Bain picks ESG boss — Falth turns up at Mizuho
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
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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