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In terms of size, the trade surpassed its previous biggest dollar issuance of $6.5bn in November 2024
◆ 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
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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Concentrated pre-Fed funding drives July FIG issuance in the US to over $50bn -
◆ Deal follows $3bn issue in February ◆ Swiss regulators may demand much more capital ◆ Similar structure to last deal
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Long end deals could be on the cards for brave Benelux borrowers
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Investors and issuers unlikely to reshape plans to capitalise on wide covered levels
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DCM changes follow Harding-Jones taking over IB business
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Why remembrance of things past will soon include the traditional relationship between French covered and sovereign bonds
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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