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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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Abanca Corporacion Bancaria did well to raise 10 year funding for its debut covered bond, which offered a generous spread, but even at just €750m the deal was still one of the least subscribed covered bonds of the year. -
The frenetic pace of buying seen in covered bonds issued earlier this month may have ebbed as rates market volatility has increased, but Thursday’s dual tranche offering from ING DiBA showed that demand is still vigorous.
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Hamburg Commercial Bank priced its inaugural public bond on Thursday, a preferred senior deal which seemed to be unaffected by the litigation threat the bank is facing as it attracted €1.2bn of demand.
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Bond exchanges and tender offers are rising in popularity among Asian issuers, as funding officials race to beat a mountain of maturities next year. Addison Gong reports.
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Zuercher Kantonalbank added momentum in the Swiss franc market for sustainable bond issuance at the end of last week, when it launched its second green bond. The proceeds of this Sfr200m ($198m) trade are for refinancing existing and future facilities under its Umweltdarlehen (environmental loans) programme, which dates back to 1992.
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Crédit Agricole highlighted euro DCM activity as a successful area in its first quarter results, with the league table showing it mixed with the big banks here.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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