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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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◆ CA experiences big drop in orders ◆ BCP struggled to tighten from IPT ◆ FIG deals struggle even as corps succeed -
◆ Difficult FIG execution was less pronounced in the senior market ◆ New type of offerings from BNP Paribas and Islandsbanki receive strongest reception ◆ AIB's mid range holdco lifts lower volume
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◆ Norwegian lender shows longer tenors are no issue ◆ Investors flock to four times covered deal ◆ Slim premium paid to reopen market
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◆ Deal lands after lengthy roadshow ◆ Investors pledge over €1.15bn of orders for sub-benchmark print ◆ Single digit concession offered
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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
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◆ New norm established for NIPs and spread tightening ◆ Some investors ‘burnt by govvies’ require more premium ◆ Rival bankers agree on NIP paid
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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