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◆ New deal to replace AT1 from October 2020 ◆ Resistance to tight pricing building ◆ Market watches the 300bp euro reset barrier
Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
◆ Market conditions made going ahead an "easy decision" ◆ Two-year FRN priced flat to fair value ◆ Floaters' secondary liquidity debated
Data
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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◆ NIP consensus among bankers ◆ BMO finds it 'easier to attract demand' ◆ Favourable ‘timing’ and ‘optics’ -
◆ More than €12bn of interest for popular offering ◆ 'All box-ticking' social leg was expected to do well from the start ◆ 11 year non-call 10 tranche shows duration demand intact
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Commercial lender becomes seventh Chilean FI with bonds outstanding in Swiss francs
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◆ Austrian lender nearly four times covered ◆ Bankers question whether the deal started wide despite double digit tightening
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◆ Rivals say 'low beta' offering should go well ◆ Leads say investor feedback for social format 'encouraging' ◆ Bankers debate fair value
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◆ Rival bankers give mixed assessment ◆ Final order book shrinks ◆ Fair value 'tricky' to assess
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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