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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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Yorkshire Building Society issued the most popular euro covered bond of any UK bank ever on Tuesday. Scant UK supply, a popular choice of tenor and a rare double digit premium over mid-swaps, amid negative yields, were key in driving demand. -
Just two Asian borrowers visited the international debt market on Monday, raising nearly a combined $800m ahead of the public holiday on May 1.
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Lloyds Bank’s €1.5bn five year has achieved the highest score of any covered bond issued this year in BondMarker and UBS has, on average, worked on the highest quality deals this year.
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Yorkshire Building Society has mandated for a five year euro covered bond that will be the second euro benchmark covered bond from a UK bank this year. The deal emerges as investors chasing yield flatten the covered bond curve.
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Rabobank sold a 12 year non-preferred senior bond in euros on Monday, the longest dated offering that any bank has tried in a senior format so far this year.
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Boutique investment bank Alantra has made new hires across its offices in Europe, Asia and the US.
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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