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◆ 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
◆ UK lender raises $4.5bn-equivalent in five senior holding company tranches this week ◆ Both deals target long dated funding ◆ Despite secondary widening, euro offering lands with hardly any premium
◆ 52bp reoffer equals Nordea’s multi-year record ◆ ‘Insane’ levels show FIG spread compression, rival banker said ◆ Buy-and-hold investors prioritised
Data
Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
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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◆ Solid IOIs helps Friday execution ◆ Trade the fourth sterling FABN deal this week from a US insurance company ◆ Issuer saves versus its dollar curve -
◆ German bank priced first covered of 2026 tight to fair value◆ Issuer opts for no-grow technique ◆ Speculation over how tight 10 year covereds can go
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Issuance 34% ahead of last year’s opening week
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Adam Winslow was previously Direct Line CEO
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◆ French credit institution landed double digits through OATs ◆ Record number of investors take part ◆ Spread fixed at 51bp over mid-swaps by 9.15am (GMT)
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Swiss bank goes large across three slices
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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