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Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
◆ Simultaneous execution with Alphabet's record deal bodes well for others ◆ More FIG names likely to print in near future ◆ Other European banks diversify funding in Singaporean and Australian dollars
Diverse US senior FIG issuance jostles with perpetual and tier two capital from foreign and domestic banks
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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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US banks ramped up reserves for credit losses, expanded credit lines and enjoyed bumper trading and debt underwriting volumes in the first quarter, according to results released on Tuesday and Wednesday. -
Royal Bank of Canada on Wednesday became the fourth Canadian bank to issue an Australian dollar covered bond in April, pricing considerably tighter than its compatriots and in the largest size yet. The success the Canadians have enjoyed in Kangaroos is in stark contrast to a sterile sterling market.
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Société Générale continued the streak of French bail-in bond issuance on Wednesday but had to pay a higher new issue premium compared to its compatriots.
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Sanlam Investments has been appointed to manage three Tideway Investment Partners funds, and four credit specialists have moved over from Tideway to Sanlam.
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Reviews of key areas of legislation such as MiFID II, bank capital requirements and Solvency II have been pushed into the future, as the European Commission puts green and digital regulation first.
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The private placement market has provided a valuable source of funding in both covered bond and senior unsecured format, German issuers told GlobalCapital on Monday in the wake of a Moody’s report that highlighted the limited use of Pfandbrief for funding commercial lending.
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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