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◆ Two steps to terms debated ◆ Priced flat to fair value or even with negative concession ◆ Investors split on long-dated holdco supply
◆ Italian bank landed price and size with latest offering ◆ Covered was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’
◆ Record-breaking reset spread ◆ Issuer sails through previous 300bp barrier despite investor resistance ◆ Minimal new issue premium
Data
Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
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
Late-week surge shows investors remain hungry for paper despite macro volatility
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◆ Deal lands flat to fair value without tightening ◆ Canadian spreads 'super tight' to UK names ◆ Sterling spreads have widened less than euro peers -
◆ Investors not chasing last few basis points ◆ Minimal premium paid ◆ Caution on sterling paper
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◆ Issuer among tightest US insurance companies in euros ◆ Euro volume from the sector reviving ◆ Sterling market has been growing in diversity since 2020
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◆ Second helping of French tier two on the day but no indigestion ◆ Spreads entice buyers ◆ The effect of 40bp of spread tightening on order book
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◆ Deal may have landed through fair value ◆ Green label lures ESG buyers ◆ ‘Everything working’ say sources
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◆ German bank sells first euro Pfandbrief since October ◆ Investors send book to almost €6bn ◆ ‘Will price in range’ strategy attracts attention
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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