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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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FIG bond market participants were speaking in superlatives as new bonds flew off the shelves this week. But some DCM officials are advising their clients not to count on conditions remaining evergreen through the rest of 2019, encouraging them to put long-held deal plans into action. -
The Estonian parliament’s recent approval of covered bond legislation paves the way for the first Baltic deal, which could come from Luminor Bank, but whether it is initially secured on a pool of pan-Baltic mortgages remains to be seen.
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Barclays’ corporate and investment bank performed strongly relative to peers in the last quarter of 2018, helping management make the case for a strong CIB franchise against investor Edward Bramson, who wants it to downscale this part of the group. Although analysts reckon the argument will continue, Aviva Investors announced it would be siding against the activist, after the results were released on Thursday.
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Sparebanken 1 Boligkreditt’s (Spabol) 10 year has the highest covered bond mark of all deals issued by any bank outside the eurozone this year on GC BondMarker. SEB issued the highest scoring Swedish deal and Royal Bank of Canada (RBC) issued the best ranking Canadian covered bond 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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