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◆ Fixed rate tranches leave double-digit concessions to attract hefty book ◆ Favourable cost to dollars ◆ HSBC surpasses 2026 holdco funding plan
◆ First euro funding in almost a decade ◆ Part of early refi of its last euro bond ◆ Rarity makes it a trickier sale during heightened market volatility
◆ Landesbank increases senior market presence ◆ Slower demand due to limited familiarity beyond Germany-speaking investors ◆ Similar execution to other recent 'rich' SP bonds
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Conducive credit markets and tight spreads to lure issuers as risks loom on the horizon
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
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Caisse de Refinancement de l’Habitat, the specialist French covered bond issuer, has overcome regulatory hurdles and will issue covered bonds following a roadshow. -
Industrial and Commercial Bank of China has priced $3.15bn of green bonds in US dollars, Hong Kong dollars and offshore renminbi (CNH), achieving a number of firsts in the process.
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Prima banka Slovensko is set to become the third Slovakian issuer of euro covered bonds after it mandated lead managers on Monday for a roadshow.
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LBBW issued a well subscribed €650m nine year public sector loan-backed Pfandbrief on Monday at a relatively tight new issue concession compared with many recent negative yielding covered bonds.
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Specialist French lender My Money Bank SCF (MMB) returned to the covered bond market on Monday to issue its second deal, which attracted a more diverse and larger order book than its first. A positive yield helped, but so did the issuer’s investor relations effort, according to a lead manager.
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Commerzbank attracted only €700m of demand for a €500m non-preferred senior bond this week, with a lead manager suggesting the deal showed the ‘state of the market’ as it welcomes an influx of tightly priced supply.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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