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Higher new issue premiums make deals shine amid market volatility
◆ Strong conditions seized to print first AT1 in a year ◆ Comes more than a year ahead of next call ◆ Tight valuation, high yield leads to the bank's lowest outstanding reset spread
Citigroup and Wells Fargo hit positive post-Fed market with a $18bn salvo
Data
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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Lloyds Bank was able to increase the size of its second dollar covered bond issued on Wednesday — its second deal in this market in the last year. In doing so, it still managed to pay a minimal new issue concession. -
LBBW extended its non-preferred senior curve with a new green bond this week, hitting lead managers' price expectations in spite of soft market conditions.
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Investors have been discounting UK bank bonds in the secondary market in recent weeks, as it becomes increasingly unclear how a change of prime minister will affect the country’s approach to leaving the EU.
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The UK’s bulk annuity insurers have enjoyed exceptionally strong sales, and are now coming into the market for debt capital. But bond investors should be aware of the risks inherent in the business.
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NatWest Markets, the investment bank owned by Royal Bank of Scotland, has launched its own environmental, social and governance deposit product, responding to a desire among companies, public bodies and investment firms to invest their cash ethically.
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Muenchener Hypothekenbank (MuHyp) was set to issue a $600m three year Reg S dollar Pfandbrief on Tuesday, at close to the tightest levels seen this year and with exceptionally strong demand. The stellar outcome encouraged Lloyds Bank to announce a follow-on deal of its own.
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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