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◆ Refi deal came as issuer prepares IPO ◆ Deal extends the insurer's tier two curve by 10 years ◆ 'Strong bid' for Iberian FIG credit, says rival banker
◆ First two-part AT1 euro deal since Intesa's own in 2020 ◆ Funding establishes a flat curve ◆ Intesa, BNP Paribas both observe investors' reset spread threshold
◆ €500m 4NC3 EuGB deal priced inside fair value ◆ Greenium helps tighten spreads amid strong demand ◆ Landmark trade cements bank's ESG leadership, says treasurer
Data
Post-earnings issuance surged with borrowers taking advantage of tight spreads to raise more than $14bn in early February.
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
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Subordinated debt needed to support growth of public sector lender -
◆ Late emergence of a new FIG issue surprises some ◆ RT1 comparables debated ◆ French sovereign exposure 'more limited' than peers
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Canadian bank takes A$1.5bn with biggest covered deal in currency since September 2023
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◆ French bank offers six tranches between three to ten years ◆ Investor preference for short dated tranches prevails ◆ Rate rises expected in Japan
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Bank wants to grow risk management offering in north America
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Relentless appetite for financial institution paper led to a collapse in new issue premiums at the start of 2024. In the second half of the year, however, some investors pivoted away from senior paper and into subordinated debt as the hunt for yield intensified, writes Sarah Ainsworth
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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