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Issuers had it almost all their own way in the European FIG market in 2025. Investor appetite for credit far outstripped supply, causing spreads to tighten along with the average new issue premium on syndicated benchmark-sized deals. Flynn Nicholls reports on the dynamics that shaped the primary market
Tighter senior-covered bond spreads could see issuers prioritising unsecured over covereds
Third deconsolidation RMBS from a UK challenger bank since November
Data
Vagueness over the future of AT1s pushes market rethink, though implementation is unlikely to come soon
Despite uncertainties even stringent European regulations are expected to be simplified amid global race to lighten the load on banks
Markets adjust to bumpy French political landscape as it mimics past Italian wobbles
Bankers say Budget may determine if FIG issuers print in sterling through December or hold off until January
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◆ Rare issuer targets 10 year segment ◆ Premium paid to investors ◆ Yield focused buyers emerge -
◆ Some premium paid ◆ Cautious investors 'stay in the book' ◆ Swedbank was 'the right name' amid volatility
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◆ Subscription ratio and spread move in line with recent deals ◆ Low single digit concession needed ◆ Small premium paid over sterling
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◆ A 'double digit' saving for issuer ◆ Investors 'want defensive, short assets' ◆ More reverse Yankee issuance debated
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Sparkasse Dortmund adds 10 year sub-benchmark offering to pipeline
Polls and awards
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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