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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
◆ Issuance plans were disrupted by war in the Middle East ◆ Spread tightened by 4bp ◆ NIBC is going to be acquired by ABN Amro
◆ 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
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 $750m loan is the first facility linked to both environmental and social KPIs issued by a South African bank -
Aggressive withdrawal of central bank support set to reprice sovereign and covered bonds in 2023
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Bank pounces on credit rally with opportunistic trade to end its funding for the year
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After ESG share of total bond issuance fell this year, labelled funding is expected to spike across all FIG asset classes in 2023
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Strong domestic demand to support spreads despite shrinking ECB support
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Bank will maintain dividends to investors and its funding plan will remain unchanged
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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