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◆ Friday Italian capital raising completed ahead of potential big issuance next week ◆ Strong market tone drives rise in AT1 bids ◆ Bank marches inside 300bp reset but also through recent Commerzbank spread
◆ Unusually busy Friday for European bank funding ◆ Small premium, large demand ◆ Meanwhile 10 year OAT-Bund spread breaches 100bp
◆ Larger-than-usual size ◆ Constructive Friday opening led to three well-received FIG trades ◆ ...of which Alpha may have paid the least NIP
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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Société Générale is expected to issue its first ever deal from its positive impact covered bond framework, after meeting with investors in the euro market this week. -
Bank of Ireland (BoI) launched a senior bond through its holding company on Monday. The five year non-call four notes drew a large subscription level in the FIG market, almost six times their final size of €600m.
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Banque Fédérative du Crédit Mutuel and NIBC Bank flew out of the traps with preferred senior bond deals on Monday morning, as financial institutions looked ahead to another busy few days in the capital markets after welcoming some positive surprises from the weekend's G20 summit.
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Nomura’s head of EMEA credit debt syndicate has left the bank, as has its EMEA head of credit structuring.
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GlobalCapital has launched its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants are invited to participate.
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First Abu Dhabi Bank printed $900m of senior floating rate notes on Thursday, using the format for the second time this year. Although interest rates are expected to fall this year, investors seemed happy to commit funds to the product.
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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