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◆ 'Reassuring' result as Danish lender becomes more frequent issuer ◆ Strong bid from international accounts ◆ Minimal NIP
◆ Shorter tranche tightened more than longer ◆ Largest single euro covered tranche since 2024 ◆ Banker said longer end paid more premium
◆ Issuer chose larger order size ◆ Strong supply of five year covereds cited ◆ Seventh German covered in three weeks
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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Two groups of UK MPs held an online meeting today to welcome and promote a report into how the banking sector can support a ‘just transition’ to a low carbon economy. The report’s recommendations included creating a National Investment Bank to replace the role played by the European Investment Bank and for the UK to issue a green Gilt. -
When mortgage payment holiday schemes start to run out at the end of the year, there looms a genuine risk of a wave of defaults. Allowing investors access to borrower-level data may be the only way banks can clean up their balance sheets and maintain lending to the real economy but it is fraught with hazard and must be deftly handled.
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Fitch played down fears about the impact of payment holidays on UK covered bond pools this week, arguing that high credit quality would offer a strong line of defence against defaults.
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Investors have been given their first taste of how regulatory relief could bolster bank capital levels amid Covid-19, after Barclays told the market this week to expect a drastic improvement in its common equity tier one (CET1) ratio in the second quarter.
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De Volksbank is set to become the first European bank to issue tier two capital in a green bond format.
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South Korea’s NongHyup Bank (NH Bank) added to the flow of Covid-19 linked bonds from Asia on Monday. It raised $500m from a five year social bond.
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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