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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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Estonian lender set to join Austrian and German-led sub-benchmark flurry -
Political battles will rage again over CSRD, CSDDD and Taxonomy
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UK bank kicks off 2025 funding with $8.5bn raised across the capital structure
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Sterling AT1 revival comes amid dispute over Deutsche Bank's foreign exchange losses
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Growth in regular issuance means changes will make time for regulators to look at more unusual deals
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◆ Compressed capital structure makes 11NC10 senior attractive ◆ Investors price-sensitive on longer tranche ◆ High cash balances pour into FRN
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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