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◆ 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
◆ Austrian lender completes its tightest unsecured debt since the start of war in Ukraine… ◆ …as BPM achieves its lowest ever senior spread ◆ High attrition function of premium and outright spread
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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◆ Two banks launch deals in same tenor and asset class ◆ Danske secures tighter price◆ Nationwide's book 'underwhelms' -
◆ New York Life and MetLife hit sterling market ahead of dollar funding ◆ Both sterling deals fare better than simultaneous bank duo ◆ More FABNs likely to follow
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◆ First senior preferred trade in a month ◆ Santander extends its SP curve ◆ Slim premium on both tranches
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◆ Orders pour in, crushing new issue premium ◆ Pricing well through French sovereign ◆ Market warming to longer-dated paper
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◆ Irish lender enjoys strong investor response for rare deal ◆ Pricing through fair value thanks to low supply ◆ UBS seen attracting ample interest for cost-effective dollar AT1
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In the league table game, it’s where you finish that’s most important but making the best start is almost as critical
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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