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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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Nationwide announced the first distributed Sonia-linked RMBS on Monday, a milestone for the securitization market, which has lagged behind public sector and covered bond markets in switching to the post-Libor benchmark. The UK building society also switched the basis of its whole balance sheet to the new benchmark at the start of its new financial year on Friday. -
Activist shareholder Edward Bramson’s Sherborne Investors Management has made a detailed critique of Barclays’ markets business in a letter penned to shareholders, saying it did not have enough support from asset management or corporate banking operations to work well.
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DZ Hyp has mandated lead managers for a rare 15 year benchmark Pfandbrief, which is expected to go very well in the context of the negative rate environment and scarcity of supply in this part of the curve. The transaction could well catalyse other issuers to bring 15 year deals of their own.
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ABN Amro issued its fourth green bond on Monday, pushing its maturity curve out to 2026 in senior debt. The deal was subscribed more than three times over its size of €750m.
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The Bank Recovery and Resolution Directive (BRRD) probably offers more definitive protection for covered bond investors than the newly minted Covered Bond Directive, delegates at the 12th annual IMN covered bond conference in London heard last week.
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The results of the European Central Bank’s latest supervisory review and evaluation process (SREP) showed that one bank fell in breach of its capital requirements in 2018.
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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