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Conducive credit markets and tight spreads to lure issuers as risks loom on the horizon
Yankee deals range from subordinated debt debuts to super long senior extensions
◆ Spanish covered was only new issue on Wednesday ◆ Tenor has been well-issued in past week ◆ Banker said market to slow from here
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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Central banks are dusting off the 2008 playbook, thrusting liquidity at the banking system and hoping some of it gets through to banks' end clients. It’s better than nothing, but the coronavirus crisis one primarily of corporates — and the rescue toolkit needs updating. -
Martin Roland has moved from FIG syndication at LBBW to funding and debt investor relations.
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The commercial paper market is emerging as a source of stress as financial markets creak under the pressure of the coronavirus crisis. This happened in the 2007-9 financial crisis too, but this time the strains are different. Market participants want central banks to act.
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A good number of covered bond issuers are planning deals, and some had hoped to open books on Monday, but market conditions were too volatile. The market is open provided careful attention is paid to name, spread, tenor and timing — with the key to success down to careful preparation, bankers told GlobalCapital on Monday.
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ING Groep said on Monday that it would redeem a pair of perpetual capital instruments, including an additional tier one bond, after deciding the move would be in its economic interest.
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An extraordinary demonstration of support from the US Federal Reserve over the weekend has done nothing to lift investors' spirits, with fears about the economic consequences of Covid-19 showing through in equities, credit and even the rates market on Monday morning.
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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