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◆ Growing market depth supports wider product and issuer offerings ◆ French bank's adds senior non-preferred layer to its Kangaroo funding mix ◆ Deal mostly sold locally
LBBW's global head of corporates & DCM Patrick Seifert expects higher pre-funding in late 2026
Financial institutions triple issuance in the currency this year, while corporates make greater use of euro and sterling taps
Data
Some evidence of green price advantage in secondary market, but not primary
Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
Money centre banks pay to to land jumbo deals at sizes unheard of in euros
Beyond the proposed lower leverage ratios, new frameworks may give banks more flexibility at times of stress
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◆ Two deals in under a week reopen dormant market ◆ Société Générale prints smaller size in shaky market ◆ But cost comes flat to euros, says lead manager -
◆ Investors wary of French risk ◆ Book grows after spread was set ◆ High single digit premium needed
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EBRD also exiting Bank of Cyprus on Wednesday evening
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◆ Reinsurer latest in string of insurance tier two offerings ◆ French insurance sector seen as more resilient than banks ◆ Slim concession needed
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◆ Investors pledge strong demand for 'exotic' deal ◆ Slim premium paid ◆ UBS takes €1bn at five years
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Slim premiums and big price tightenings achieved
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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