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Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
◆ French bank has had a busy 2026, issuing across currencies and asset classes◆ Cross-currency rates at 'optimal level' for diversification play, lead manager said ◆ Fair value debated
Very few, if any, Gulf issuers are looking at sterling bonds
Data
Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
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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◆ First Finnish tier one FIG capital public sale in euros since at least 2020 ◆ Insurer to redeem tier two capital early ◆ First euro RT1 since July -
International bonds from Latvian banks are very rare
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◆ Simultaneous tenders power new capital offerings ◆ Caixa issues tight and longer AT1 structured to refinance old capital early ◆ Permanent TSB's first tier two in more than four years ends in a blowout
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Private equity giant will purchase future NewDay receivables through a forward flow agreement
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Downgrade 'pretty much priced in' for French bank and covered paper
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◆ Eager investors help book building momentum from early on ◆ UniCredit lands third non-preferred tranche of 2025 inside fair value, say leads ◆ Even ABN's lower-yielding green senior preferred comes near FV
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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