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◆ 'Moderate' oversubscription levels ◆ Belfius offers higher NIP for larger size ◆ SpareBank achieves tighter pricing on green five year
◆ Higher spread, higher book than tighter priced SP deals ◆ Large French supply expected in the second half of year ◆ Small premium paid
◆ Strong market conditions for the asset class ◆ New issue premium debated with pricing in reach of fair value ◆ Largest BNZ covered bond since at least 2023
Data
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
Some evidence of green price advantage in secondary market, but not primary
Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
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Bears at the wheel amid hopes supra will come 'super cheap' -
◆ Unsecured issuance to resume from Wednesday ◆ Infrequent and rare issuers fill pipeline ◆ Pre-funding national champions may compete
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Rates volatility suggests funding windows could be short lived
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Asset managers avoid new issue, favour more attractive secondary spreads
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Issuers use quiet days to market, aiming to launch later in week
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More covered paper expected in Swissies as euro issuance goes quiet
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