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Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
◆ Bond auctions get the fintech treatment ◆ Oracle shows how to fund AI capex with bonds ◆ Banks plough on in bonds despite weaker markets
◆ 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
Data
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
Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans
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◆ French issuers weighing deals for next week ◆ 'Smaller projects' may come this week ◆ Blackouts blamed for Wednesday's drop in issuance -
Demand well above expectations, given books opened on an FOMC rate decision day
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◆ Deal executed after 7bp of tightening ◆ Banker said spread represented fair value depite busy day for euro issuance ◆ Deutsche Kreditbank goes long amid thriving Pfandbriefe issuance
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When staff complain, they deserve a fair hearing, not a wall of silence
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◆ UK lender stays patient for volatility to subside before commencing unsecured euro funding ◆ Investors show strong support for both tranches ◆ Pricing at fair value, though some debate on longer leg
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◆ German bank started wider at 50bp before tightening ◆ DKB is known for issuing at the long-end ◆ Bond is trading as much as 2bp tighter in secondary
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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