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Europe’s regulator proposes preserving capital requirements while trimming the complexity that hampers cross-border M&A
UK borrower goes alone on Thursday following FOMC rate hold
Despite a strong year for euro covered bond issuance more broadly, volumes from France are way down on last year
Data
Europe's regulator seeks to reduce complexity while 'preserving banks' resilience and resolvability'
Currency's higher yielding appeal has lured investors across the capital stack
Issuers seizing moment as rates stabalise and spreads hold near historic tights but some deals betray signs investors growing sensitive on price
Less frequent issuers making the most of market with strong bid for yieldy assets
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Skipton Building Society is bringing a prime sterling RMBS with joint arrangers JP Morgan and Lloyds. The issuer last brought a deal in 2016, pausing the programme in light of the UK government’s Term Funding Scheme (TFS). -
Some recent covered bond issues would have barely have made it over the line without the European Central Bank’s help. Meanwhile, valuations are elevated. But the market still looks attractive compared with unsecured credit, a leading investor told GlobalCapital on Wednesday.
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Virgin Money is getting ready to launch its first sale of euro-denominated debt from its holding company, as the UK challenger bank looks to meet a 2022 deadline for the minimum requirements for own funds and eligible liabilities (MREL).
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Hoist Finance is marketing an additional tier one, part of the debt purchaser’s journey back to capital health following a regulatory judgement that wiped 3.7 percentage points off its core equity tier one ratio. The deal follows a landmark non-performing loan securitization called Marathon, which saw CarVal Investors take risk off the Swedish firm’s balance sheet.
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The yields on bank bonds have reached their lowest ever levels in recent weeks, thanks to meagre issuance and accommodative central bank policy. These conditions mean investors can see the silver linings, but not the clouds — and there are plenty — behind them.
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Sustainable finance players are enthusiastic about regulation, which they expect to bring clarity and order to the market. It may — though when the new EU rules are implemented they are likely to irk participants more than they expect. But what would be really effective are direct actions that bypass finance.
Polls and awards
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
Don't miss your chance to choose this year's Bond Award winners
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