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◆ French bank secures 'surprising' demand... ◆... giving the option to go big ahead of national budget ◆ Concessions debated, but higher premium and spreads lure buyers
The Canadian bank regulator has risked upsetting reciprocity talks with the EU over a cut to its risk weighting for Canadian covered bonds
◆ Best window of the week, lead says ◆ Less concession than other recent deals ◆ Danske "pretty much done" for 2026 funding plan
Data
Higher new issue premiums make deals shine amid market volatility
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
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Banca Carige has plans to convert its tier two bonds into equity and raise €900m of fresh capital, as it looks to turn itself around and avoid the need for a bail-out from the Italian state. -
Analysts at S&P Global Ratings fear that a lower for longer interest rate environment could turn bank profitability into a “more structural problem”, with the European Central Bank set to cut its policy rates further in the coming months.
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The World Bank placed its first Hong Kong dollar deal of its 2019/2020 funding year last week. The supranational chose to link the private placement to the Hibor benchmark, a now little seen structure that was likely the result of a "very specific enquiry", according to one MTN banker away from the deal.
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Banco Santander felt vindicated in cancelling Andrea Orcel’s appointment as group chief executive when it later found out that he had been recording conversations without permission, the Spanish bank said in a statement on Friday.
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Nationwide Building Society took the opportunity to issue a £1bn three year Sonia-linked covered bond on Friday, pricing the deal flat to fair value. With Brexit negotiations expected to raise execution risk and volatility, another UK issuer could jump in with a follow-on deal early next week.
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Unsecured bonds issued by UK banks may lose eligibility as collateral at the European Central Bank (ECB) after Brexit. However, analysts say this measure should not sour the market too much.
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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