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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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BPCE returned to the covered bond market on Monday to issue a €1bn eight year deal. Although the new issue premium was modest, the slightly tricky tenor may have deterred some investors and the subscription ratio was the lowest BPCE has experienced in four years. -
Europe’s banks continued to lose global significance, according to the Financial Stability Board’s 2018 list of global systemically important banks (G-SIBs), although Groupe BPCE was re-added to the list. The French bank says this will not affect its funding plans.
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ING has been busy in the capital markets in recent months, and it took another €4.5bn of senior funding through its operating company on Monday, backed by €7.5bn of demand from investors.
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Leads on Emirates NBD’s trade are closely watching the market this week for an issuance window for the delayed five year dollar trade, as another Middle Eastern issuer might be testing the market tomorrow.
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Deutsche Bank said on Monday it was looking to buy back €1bn of its non-preferred senior bonds from investors, in an effort to redeploy some of the ‘excess liquidity’ the bank has been running over its minimum requirement for own funds and eligible liabilities (MREL).
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UBS Group bagged S$700m ($509m) from a Basel III compliant additional tier one deal, adding to a growing list of European lenders that have turned to the Singapore dollar bond market to boost their capital.
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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