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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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Asia’s dollar bond market shows no sign of slowing down, after a flurry of deals were announced on Monday. -
Each week, Keeping Tabs brings you the very best of what we have found most useful, interesting and informative from around the web. This week: liquidity in the age of central banks, making bank capital green, and US fiscal stimulus.
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Funding officials from Caffil, Credit Mutuel Arkéa and La Banque Postale gathered in early July to take part in a roundtable to discuss how they navigated their way through the peak of the crisis when covered bond market volatility was at its highest, and how they expect to manage funding in its aftermath, as the pernicious impact of the pandemic takes its toll.
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Increasing European unemployment and a subsequent rise in the use of mortgage holidays is set to put pressure on the credit quality of European lenders and their covered bond pools, according to S&P.
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Crédit Agricole won an appeal against the European Central Bank on Wednesday against fines levied against the treatment of some of its instruments as common equity tier one (CET1) because the central bank had provided “inadequate reasons” for penalising the French lender.
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Momentum is growing for the economic recovery from the coronavirus pandemic to have a strong green thrust, as the UK’s mini-Budget and comments by European Central Bank president Christine Lagarde made clear this week. Capital market participants are enthusiastic about the prospect and expect it to further green the markets — but how far the drive goes will ultimately depend on politics, write Mike Turner, Jon Hay and Jasper Cox.
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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