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◆ Largest Australian tier two tranche since 2020 ◆ Pays slightly higher NIP than earlier deals ◆ 'Novel' structure attracts high quality order book
Deals price tightly to Western European peers, with high-spread Icelandic banks performing the most
◆ British lender fixed spread and deal size from outset ◆ Order book closed at over two times the deal size ◆ Fixing terms enabled faster execution, the lender said
Data
Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
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Spanish bank’s tier two debut in Aussie dollars is heavily oversubscribed -
◆ The arrival of Piraeus and Bank of New Zealand shows 'investors are engaged' ◆ Greek issuer recently upgraded ◆ Bank of New Zealand returns to euros after five years
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Viswas Raghavan has taken charge of Citi’s investment banking division following the resignation of its top executive
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After unsecured FIG issuance stopped entirely for 19 days in June subscription ratios have since shot up
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Regular issuer targets more size, but still lands in line with most recent trade from Pfandbriefzentrale
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◆ Strong demand pushes new bank capital deals close to or even inside fair value ◆ Banco BPM brings new AT1 alongside tender ◆ ABN gets negative NIP on tier two
Polls and awards
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
Don't miss your chance to choose this year's Bond Award winners
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
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