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Non-US banks have raised around 80% of their total funding needs for the year, say bankers
Nine tranches of covered bonds in three days this week suggested supportive conditions ahead
The possible further internationalisation of the covered bond market will present challenges as well as opportunities
Data
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
Borrowers want to issue and spreads are tight, but execution windows are very unreliable
Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
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◆ Wednesday's 'stand out' senior trade ◆ €1.6bn order book largest ever for BoC ◆ First transaction since acquisition of CDB Bank -
Pepper also announced a sterling non-conforming RMBS
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Hong Kong dollars continue to develop into a mainstream funding currency for SSAs
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Hiltermann priced its Dutch auto leasing ABS as Stellantis priced its Italian auto loan ABS
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◆ Largest Australian tier two tranche since 2020 ◆ Pays slightly higher NIP than earlier deals ◆ 'Novel' structure attracts high quality order book
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◆ British lender fixed spread and deal size from outset ◆ Order book closed at over two times the deal size ◆ Fixing terms enabled faster execution, the lender said
Polls and awards
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
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
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