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◆ French lender issues three senior preferred Samurai tranches ◆ Despite benefit of diversification, deal comes very close to a new euro deal◆ Investor demand concentrated at the short to middle part of curve
◆ Minimal premium paid ◆ Structural demand from UK bank treasuries down but Asia steps in ◆ Sterling spread vs euro more attractive for issuers
Originator hires follow banker's departure to SMBC
Busy streak of capital issuance has disgruntled some investors, but bank issuers still have upper hand in a rate cutting cycle
Banks are looking at next five weeks to raise anything from deeply subordinated capital to senior debt
Higher yields, through senior duration and capital, to support prefunding demand
Bank capital issuance spree set to run as investors lap up even lower credits
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◆ A few basis points left on table for investors ◆ Recent spread widening presents challenge ◆ Some issuers have 'pushed backed' or 'withdrawn' mandates -
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◆ Two non-EU banks hit the senior market with green bonds ◆ SMFG's first deal in 15 months benefits from scarcity value ◆ Landsbankinn compresses Icelandic bank spreads but pays higher premium than larger European issuers
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◆ Deal follows recent tier two success ◆ Issuers 'need to be fair' when approaching market ◆ LBBW announces Berlin Hyp rebrand
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◆ Emerging market and financial institution bonds on fire after Fed cut ◆ Huge demand spurs massive issuance ◆ But signs of weakness appear in corporates and public sector bonds
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◆ Austrian bank returns to senior market with a green bond for first time since January 2023 ◆ Since then it has issued a covered bond and two types of capital ◆ New deal is longer and tighter than last year's funding
Polls and awards
The covered bond market gathered in Porto to celebrate its standout deals, institutions and individuals
The best banks, issuers, individuals and other market participants were awarded at GlobalCapital's flagship industry dinner in London
The winning deals, banks, issuers and other market participants will be revealed at a gala dinner in Porto on September 12
The awards recognise the leading deals, issuers, banks and other market participants
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