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◆ UK building society actively funding across markets and formats in the past four months ◆ Strategic sterling capital deal proactively manages AT1 stack ahead of call ◆ Senior non-preferred euro bond becomes joint tightest UK bank bond at the tenor since 2021
◆ Stability leads to third day of FIG sterling issuance ◆ Rabo prints its first tier two four years ◆ BBVA completes first sterling senior bond since 2020
◆ Follows similar deal from regional peer Swedbank ◆ But earlier bond was already trading wide of reoffer ◆ Pricing prioritised, says banker off deal
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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Jyske Realkredits sold a six year covered bond at a level that was flat to its existing curve on Tuesday, with an subscription ratio that was higher than any other Danish euro covered bond ever issued. -
John McFarlane, chair of Barclays, said on Monday that he hoped the EU would not turn its back on London in the Brexit negotiations. However, he expected financial activity to move out of London to Europe, and thought that — on a global scale — faster-growing economies in Asia and the US, and big technology firms, could reshape the financial industry.
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Danske Bank is hoping to place its first issue of green bonds this month, though the market is still awaiting the findings of a series of investigations into money laundering at its branch in Estonia.
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French demand outweighed interest from UK accounts in an additional tier one deal for the first time this week when Erste Bank sold a €500m bond that it had first planned nearly a year ago.
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UK financial institutions are returning to the debt markets ahead of a fresh vote on the Brexit withdrawal agreement next week, with Lloyds Banking Group hitting the US market on Tuesday and HSBC Holdings turning to sterling after a dollar transaction earlier in the week.
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Greek covered bond issuers could be ready to return to the market this month, with banks expecting ratings upgrades following an upgrade for the sovereign last week. With the Hellenic Republic attracting strong demand for its 10 year on Tuesday, Greek issuers have the potential to extend their covered bond curves.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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