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The covered bond market gathered in Seville to celebrate the deals, institutions and individuals that have made their mark over the past year
This year's foreign FIG issuance in dollars is already more than 7% higher than all of 2025
First defence labelled bond from outside of Europe is likely to be followed with more Canadian issuance
Data
The slide in French government bonds this week raises concerns for the country's banks and companies
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
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Twenty-seven universal banks, investment banks and brokerages have confirmed or are considering moving operations or staff from the UK to the rest of the EU, according to EY. Paris is gaining in popularity as a destination for UK financial services firms, but Dublin appears to be the top choice. -
Caffil has mandated joint leads for a two part covered bond which, at the long end, is expected to offer a juicy spread.
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Lloyds Bank issued a £750m three year Sonia linked covered bond on Monday, taking advantage of the steepness of the sterling curve to cut the funding cost. But having issued almost £4bn ($5.1bn) in the last 12 months, demand was much less compelling than Nationwide’s recent Sonia debut.
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DNB Boligkreditt attracted a comfortably oversubscribed order book for its €1.5bn seven year covered bond on Monday, illustrating the market’s sweet-spots for tenor, name and jurisdiction.
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Crédit Agricole managed to reach considerable size expectations and raise €1.5bn of covered bond funding in the challenging 10 year tenor on Monday. Although a tighter price might have been possible on Friday, the issuer’s size ambitions would probably have been thwarted.
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Banque Fédérative du Crédit Mutuel and Société Générale came out on Monday with euro-denominated deals in the safest part of the unsecured capital stack, as issuers adjust to a pessimistic mood at the start of 2019.
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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