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◆ Strong demand for capital supports two major banks' simultaneous deals ◆ Deutsche goes big and pays concession ◆ SG restricts size for a punchy print at fair value
FIG borrowers flood dollar markets as Westpac's SEC exit strategy pays off
◆ Issuer lands in 'the place to be' amid strong demand for covereds ◆ Achieves its largest covered book since at least 2023 ◆ After 7bp tightening the bond was spotted another 2bp tighter to erase new issue concession
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Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
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◆ Spread tightening and premium paid were unusual ◆ Strong investor quality as fast money stays away ◆ Bankers do not expect repeat of strong deal -
◆ New norm established for NIPs and spread tightening ◆ Some investors ‘burnt by govvies’ require more premium ◆ Rival bankers agree on NIP paid
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Covered bond editor Frank Jackman joins George Smith to discuss Paragon’s innovative buy-to-let covered bond, before George and regular podcaster Tom Hall discuss the prospects for UK bridging RMBS, Italian ABS pricing and capital treatment of subscription lines
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Estonian lender Coop Pank could also make its covered debut on Thursday
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Banks have plenty of buy-to-let assets on their balance sheets; issuers should follow Paragon's lead for as long as investors and regulators allow
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◆ French bank’s insurance arm completes first tier one print less than a month after parent bank’s AT1 ◆ Deal offers heightened premium ◆ Outcome amid volatility deemed ‘pretty decent’ by rival
Polls and awards
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
Don't miss your chance to choose this year's Bond Award winners
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
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