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◆ Deutsche goes big as with AT1 ◆ Third AT1 in a row underlines a conducive market for strategic capital funding ◆ Pays premium, but spread pushed under 400bp
◆ Issuer's joint-tightest spread since 2020 ◆ Constructive backdrop helped execution, says lead ◆ Busy primary market expected on Tuesday
◆ Deal benefits from limited size, green label and short tenor, says lead ◆ Small NIP paid ◆ BPER involved in complex Italian M&A
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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For all its woes, Deutsche Bank’s corporate finance business has much to play for in EMEA, writes David Rothnie. -
Santander attracted strong demand for a €1.5bn 12 year covered bond issued on Tuesday, helped by the rarity of Spanish covered bond supply and the relatively attractive return over mid-swaps.
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This year’s covered bond market's performance could come back to bite it. Limited supply should support the market, but ultra-tight spreads and low yields have left investors vulnerable to a sell-off — not least because they have been forced to extend duration in search of a return.
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NatWest Markets has hired an experienced debt capital markets banker to be its country head for Germany, based in Frankfurt.
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Barclays has wasted little time in accessing the debt markets after publishing first quarter results, selling senior bonds out of its holding company in both dollars and sterling this week.
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The European Commission is looking to clarify the rules around “precautionary recapitalisations”, having published a review of the implementation of the Bank Recovery and Resolution Directive (BRRD) in the European Union.
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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