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◆ Lead says shorter tranche demand lower than expected ◆ NIP paid at 'upper end' compared to recent deals ◆ Market slows for this year's Covered Bond Congress
Spuerkeess, Fairstone Bank of Canada and Evangelische Bank issued mandates for debut bonds
◆ 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
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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The European Parliament decided this week to cancel a vote on the draft text for a directive that would boost the secondary market for non-performing loans. Final negotiations with member states are now unlikely to start before September. -
Yorkshire Building Society on Wednesday went to market with an inaugural sterling six year non-call five non-preferred deal after it said it would tender for its 2024 non-call 2019 tier two notes, opening a case for smaller institutions to decrease capital costs by replacing tier twos with senior non-preferred notes.
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Aareal Bank launched the first Reg S dollar covered bond of the year on Wednesday. With the bonds offering a substantial pick-up to where Aareal’s euro benchmarks trade, heavy demand came from European investors.
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Singapore’s DBS Group Holdings on Tuesday sold a three year senior unsecured bond, giving investors a scarce opportunity to buy a fixed rate deal at that tenor and format from one of the highest rated financial institutions in the region.
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Alpha Bank Romania plans to issue the first covered bond from Romania under the country’s newly established legal framework.
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DNB Bank dipped into the sterling market on Tuesday to raise £300m of preferred senior funding, less than a week after it issued the tightest-priced euro deal so far 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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