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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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Crédit Agricole became the latest European bank to tap into strong demand for long-dated covered bonds in euros, raising €1.25bn of 15 year funding on Wednesday without paying a new issue premium to investors.
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Royal Bank of Canada stunned market participants with its first public euro offering of bail-inable senior debt on Wednesday, pricing the deal inside equivalent trades from Toronto-Dominion Bank and Bank of Nova Scotia. The trade was RBC’s first ever green bond. -
A Dutch court has asked a panel of experts to further investigate what SNS might have been worth had it not been nationalised six years ago, forcing former bondholders to wait even longer to learn whether they can expect compensation for their losses.
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If the architects behind the complicated world of bank resolution and prudential capital regulation have proved one thing, it is that the devil is not always in the detail. Sometimes labels matter more.
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Royal Bank of Canada said on Tuesday that it was looking at the euro market for its first green senior unsecured bonds, at a time when issuers seem to be more in control of pricing than investors.
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A prominent member of the European Central Bank’s executive board has said that the institution will be keen on protecting ‘remarkable progress in lending to the real economy’ when it announces the terms of a new funding scheme for banks later 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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