Natixis
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None of the four largest covered issuers of 2024 made the top five by deal volume in 2025 -
Natixis has grown its covered bond business in Australia and the Nordics this year, its head of FIG DCM said
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New originator could help Natixis advance in UK
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New primary bond boss returns to market after spell away
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◆ Final spread looks attractive for a sub-benchmark deal ◆ Book almost five times covered ◆ Low single digit concession offered
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◆ €1.7bn deal gets 2025 funding past the line ◆ Seven year print and 18 year social tap ◆ Bankers say market gives 'good results' and more supply inbound
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◆ First euro deal from Candian province hits 'perfect storm' ◆ BNG and AFD print 15 years ◆ All tighten by at least 3bp
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BPCE CEO says move 'demonstrates our commitment to the continued development of Natixis CIB and Natixis IM'
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◆ Cades tightens pricing by 5bp ◆ French political backdrop helping asset class ◆ Deal subscribed over 10 times
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◆ Issuer well funded already ◆ Tightens 3bp, no fair value consensus among banks ◆ Demand covers size over three times
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International banks launched a torrent of dollar FIG supply as they swatted away political uncertainty to get 2025 off to a rapid start
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◆ Supra begins 2025 with back-to-back deals ◆ Book was huge at over €47bn ◆ Recent secondary tightening helps execution
