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Japanese insurer is set to launch a novel two-part trade
◆ NAB executed at 30bp over mid-swaps threshold ◆ Banker said deal was 'in line with what was expected' ◆ Leads chose three Canadian covereds as comps
◆ 'Tight and attractive valuations' for raising tier two capital ◆ Trade follows ratings upgrade ◆ 5bp of concession
Data
Nykredit blasts through 300bp barrier, pushing investors up the capital stack
Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
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
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◆ Lender takes advantage of demand for higher yielding FIG names ◆ Completes annual funding and MREL requirements ahead of time ◆ Other lower tier European issuers execute similar deals -
The Aussie dollar investor pool is diverse deep; dive in and take size
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Lower funding needs and tight senior spreads supress Aussie dollar covered supply
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European financial institutions — already facing a narrow issuance window over the next couple of weeks — must also navigate renewed rates volatility
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◆ Volatility spikes across markets and asset classes ◆ Citi differentiates from peers by funding at short end too ◆ Amex shows demand for FIG bonds as it issues senior and subordinated debt with negative NIP
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Sergio Herran to swap debt syndication for rates trading
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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