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◆ First capital trade by an international bank since Iran war began ◆ Fair value debated, some spot visible concession ◆ $2.5bn size across two tranches supported by $17bn book
◆ British building society landed first 10 year since before the war ◆ Pipeline expected to be slow from now ◆ Investors will watch secondaries for performance says lead
◆ Issuer's first in almost a year ◆ Issuer opts for no-grow deal ◆ Investors show greater price despite stronger market on Monday
Data
European banks’ absence from primary market is ‘different this time’
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
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The ECB’s retreat has allowed investors room to price risk -
UK and international investors want to buy foreign bank debt in sterling
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Fast bookbuilds and solid outcomes highlight strength of euro FIG market
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LF Bank and Banco BPM land senior deals with up to 10bp of concession
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French bank prices its first AT1 in euros in more than eight years prices close to fair value amid unsatisfied investor appetite for yield
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Steiermark and NordLB get their Pfandbrief over the line
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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