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Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
◆ French bank has had a busy 2026, issuing across currencies and asset classes◆ Cross-currency rates at 'optimal level' for diversification play, lead manager said ◆ Fair value debated
Market enters third chapter of 2026, in which issuers and investors strike a more equal balance even though issuers may need to pay up
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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
Late-week surge shows investors remain hungry for paper despite macro volatility
Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans
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Banks need ways out of their capital constraints and securitization is one of the best -
◆ Orders balloon during US hours ◆ Bookrunner and rivals differ on fair value ◆ Bank viewed as ‘increasingly friendly’ on AT1s
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◆ Lender raises €1bn of seniors a day after compatriot ◆ Pricing tight but less demand than for first mover ◆ Slim concession, if any
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Total for first half is more than all of 2023 inflows
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◆ New issue premiums return to euro covered issuance ◆ Issuers unable to tighten despite wider starting spreads ◆ French covered spreads could tighten
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Senior figures change jobs as new banker takes charge
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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