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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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Norway’s Ministry of Finance has said it will apply tighter mortgage lending standards from next week after temporarily loosening them to support the economy. The move, which was not unexpected in light of the resilient state of the economy and stubbornly high house price inflation, will minimise mortgage defaults. -
Debut issuers Bausparkasse Schwäbisch Hall and Sumitomo Mitsui Trust Bank are marketing their inaugural covered bonds amid a pick-up in secondary market trading.
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AIB Group's new euro tier two capital issue, its first green bond, was comfortably subscribed on Wednesday, lifting confidence in the bank debt market after a difficult start to the week.
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Skipton Building Society is looking to sell its first series of non-preferred senior notes in sterling — a market that has proved shaky amid a fresh spike in Brexit volatility.
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Iccrea Banca told the euro bond market on Wednesday that it was not looking to issue its debut senior deal until next week, giving investors more time to prepare for the transaction.
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China Merchants Bank raised $700m from a dual-tranche transaction on Tuesday, marketed by two different overseas branches with two different structures. But the issuer ran into negative market sentiment that dented appetite for the deal.
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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