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◆ Insurance companies anchor long dated green tranche with near-4% yield ◆ Curve extension debated ◆ Deal comes amid widening secondary spreads but lands with negligible premium
◆ UK lender raises $4.5bn-equivalent in five senior holding company tranches this week ◆ Both deals target long dated funding ◆ Despite secondary widening, euro offering lands with hardly any premium
◆ 52bp reoffer equals Nordea’s multi-year record ◆ ‘Insane’ levels show FIG spread compression, rival banker said ◆ Buy-and-hold investors prioritised
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
Strong demand and tight spreads has propelled volumes past January records
Late-week surge shows investors remain hungry for paper despite macro volatility
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Bankers say Budget may determine if FIG issuers print in sterling through December or hold off until January -
Large banks are selling mortgage or consumer portfolios for capital relief
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Issuance was front-loaded into the first three days of the week in the FIG dollar market as issuers got ahead of Thursdays US non-farm payrolls report
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Six covered bonds were issued in three days this week but there is uncertainty over the pipeline from here
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◆ €500m 6NC5 senior priced at 90bp over mid-swaps ◆ Concession debated ◆ Rounds out a successful year for Greek banks
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Esoteric emerges as bankers are close to the end of their pipelines
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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