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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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The Natural Disaster Fund, backed by the UK government, has a first option to subscribe to a small catastrophe bond to be issued by the Danish Red Cross, which conveys volcano risk. -
Vietnam Prosperity Joint Stock Commercial Bank (VPBank), a private sector lender, raised $300m from its international bond debut this week. The deal was helped by the scarcity of supply from Vietnam, but finding the right price proved a challenge for those on and off the deal.
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Swiss Re is blaming weak investor demand for it postponing the £793m IPO of ReAssure, its UK closed book life insurance division.
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Société Générale attracted strong demand for its inaugural green Obligations de Financement de l’Habitat on Monday. The green covered bond put the French issuer at the “forefront of positive transformation” and “sets a standard”, said a spokesperson.
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BNP Paribas launched a non-preferred senior bond in euros on Wednesday, tightening the pricing 20bp from price thoughts despite a 'softer' backdrop in financial markets.
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Banco de Sabadell launched a senior preferred bond on Wednesday, just as it prepares to enter earnings blackout. The Spanish bank was able take out two thirds of its €1.5bn funding target for the format this year.
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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