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◆ Deal followed HSBC's €3.75bn three part deal... ◆ ... and paid less NIP, tackling shorter end of curve ◆ Book grew after price revision
◆ 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
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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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Investors were clambering over one another to get a piece of a perpetual bond from Swiss Re on Tuesday, as insurance companies like ASR Nederland and Beazley began lining up deals for the autumnal issuance window. -
Bawag was keen to alert investors on Tuesday to the imminent sale of its first non-preferred senior bond, which is expected to fit neatly alongside a similar deal from its Austrian peer Erste Group.
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China Industrial Securities International Financial Group kick-started the new week for the debt market with a $200m bond on Monday.
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The Association of German Pfandbrief Banks (VDP) has introduced minimum standards for issuing green Pfandbriefe, a development that should help seal Germany’s position as a leading jurisdiction for green covered bond issuance.
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Huw van Steenis is joining UBS next month as head of investor relations and chair of a new sustainable finance committee.
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JP Morgan announced the terms of a massive tender offer this week, as supply slowed to a trickle in the US dollar market.
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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