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Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
◆ Bond auctions get the fintech treatment ◆ Oracle shows how to fund AI capex with bonds ◆ Banks plough on in bonds despite weaker markets
◆ Insurance companies anchor long dated green tranche with near-4% yield ◆ Curve extension debated ◆ Deal comes amid widening secondary spreads but lands with negligible premium
Data
Post-earnings issuance surged with borrowers taking advantage of tight spreads to raise more than $14bn in early February.
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
Strong demand and tight spreads has propelled volumes past January records
Late-week surge shows investors remain hungry for paper despite macro volatility
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Sterling AT1 revival comes amid dispute over Deutsche Bank's foreign exchange losses -
Growth in regular issuance means changes will make time for regulators to look at more unusual deals
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◆ Compressed capital structure makes 11NC10 senior attractive ◆ Investors price-sensitive on longer tranche ◆ High cash balances pour into FRN
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◆ Two sterling AT1s price within 3 days ◆ Strategy limits foreign currency losses ◆ BIL sells euro AT1 with no premium
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◆ Scarcity value helps insurer 'stand out from crowd' ◆ Maturity and credit 'a different animal' from parent ◆ Pricing versus parent company evaluated
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◆ Some investors drop 'entirely' when issuers breach fair value ◆ No competing supply helped deal ◆ Market steadies after Tuesday wobble
Polls and awards
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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