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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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◆ Macquarie five year follows in CBA's tailwind ◆ Pair pay minimal premiums ◆ Macquarie's first covered bond since 2022 -
◆ German Länder used to guide pricing ◆ Book holds firm as deal lands tight ◆ Wave of 15 year supply unlikely, but 10 years a possibility
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21X will combine functions of exchange and securities depository
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Development banks kick off 2025, but private investors have a growing presence too
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◆ French bank goes longer in quick succession after sterling foray ◆ Issuance timing and reception applauded by rival bankers ◆ Orders seen glued by positive premium
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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