Covered Bonds
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Opportunistic summer issuance expected and early start at end of August -
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
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PPs and club deals allow for greater execution certainty in a stilled market, say bankers
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Santander's popular dual tranche deal could spur others to follow, but flood of trades is unlikely
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◆ Deal attracts more than €10bn ◆ Rarity of name and jurisdiction fuels demand ◆ No premium needed to take size
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Increased residential lending demand could help support issuance
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Issuance window is open and conditions are great but issuers stand pat
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After a poor start to 2025, a strong second quarter helped lagging covered supply get back on track
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Internal hire ends seven year stint in covered bond research
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◆ First deal since Crelan/AXA Bank Belgium merger ◆ No premium paid ◆ Capped size allows for focus on price
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The industry’s obsession with appointing co-heads plays into its reputation for competition rather than cooperation
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Deal expected to be among the last before summer slowdown with volatility tipped to threaten primary market
