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◆ Second foreign FIG deal in Swissies since the start of Iran war ◆ Market offers quick execution despite uncertainty and volatility ◆ BPCE funds close to its euro level
◆ Banker said deal offered little new issue premium ◆ Euro transaction on Tuesday triggered the deal ◆ Lloyds' last sterling covered was issued in October 2025
◆ Issuer said deal shows investor preference for short-dated paper ◆ Banker said it benefitted from RBC’s minimal exposure to Middle East◆ RBC’s was the first covered bond issued since the end of February
Data
Bank issuance expected to resume next week in euros after corporates, dollar market lead
Shrinking spreads between the two asset classes have left investors asking if the risk of senior debt is worth it
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
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◆ German bank to tap popular three year point ◆ 'Juicy' start expected ◆ No further supply expected to follow -
Yield curve inversion too steep, putting long tenors out of reach
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◆ Supply, not demand, to determine summer pipeline ◆ Barbell market with top and low quality issuers the most welcome ◆ Opportunistic funders the most likely summer candidates
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◆ Yankees dominate with over $8bn supply ◆ Foreign borrowers target window before NFP and US bank results ◆ Japanese financial institutions bolster TLAC needs
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Already comfortable with the credit? Then why not pick up exposure with some extra juice?
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The French bank is going through the gears in debt capital markets by showing its ESG credentials, following a push across all asset classes
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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