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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
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
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
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◆ Well funded issuer takes aim at tight long end spreads ◆ Achieves 'very beneficial' spread even after slight premium paid ◆ Smaller size helps -
◆ Very similar deals are priced at exactly the same spread ◆ Future supply and investor appetite direct same day execution ◆ Combined demand nears €7bn for €1.75bn new debt
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Selina Finance has also announced its debut UK RMBS trade
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Deals are backed by German, French and Spanish collateral
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◆ Softer open no problem for Dutch bank ◆ Market ready and willing to buy size ◆ Investors show large preference for one tranche over the other
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Regulatory capital is making up a much bigger proportion of Gulf FIG issuance in 2025
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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