Asean
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Lender's Singapore entity could issue its debut euro covered bond following non-deal roadshow
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◆ French bank adds Swissies to Singapore dollars and euros in ‘relentless’ issuance spree ◆ Funding boss Perrier discusses diversification aims ◆ Private trades across markets identified
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◆ Raises lower end of €1.25bn-€1.5bn target after feedback ◆ Reintroduces positive new issue premium from major FIG issuer ahead of possible slowdown ◆ Follows Singapore dollar tier two
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Fresh impetus for Singapore dollar deals, in particular, as US firms look to jump in
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◆ French bank raises €500m from a 12 year non-call seven tier two social bond ◆ Strong demand for FIG capital pushes final book to €5.6bn ◆ UBS returns to Singapore with fresh AT1
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Country's credit default swaps tighten after presidential election, which ends one political uncertainty in Asia
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Deal by Singapore’s ST Telemedia shows KPI-linked sub debt can work
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Cost was lower than euros and cheaper than the bank's debut Sonia deal
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Oil and gas company brings Indonesia’s first HY corporate bond of 2023 but pipeline thin as funding costs bite
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German bank attracts HNW investors to second deal of year in Singapore dollars with chunky coupon
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Issuers pause deals as Israel-Hamas conflict adds more uncertainty to funding environment
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◆ Deal precedes redemption of AT1 and exacerbates shortage of paper in the currency ◆ Issuer locks in ‘very good’ arb ◆ HSBC’s third trade this week follows sterling covered and senior bonds
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◆ French issuer banks on ‘good name recognition’ to price far tighter than euros ◆ Investors now have high exposure to issuer ◆ Foreign subordinated issuance may slow down due to worsening rate moves
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Asian borrowers are finding better funding options in Australian dollars and Japanese yen as higher US dollar interest rates bite
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◆ Lloyds prices first foreign subordinated debt in Singapore dollars since CS’s collapse ◆ Deal offers arbitrage versus G3 markets ◆ NatWest starts marketing senior Kangaroo
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◆ No foreign bank has issued subordinated debt in the currency since CS collapse ◆ Local heavyweight showed there is demand for AT1 ◆ Will be issuer's fourth currency outing since Q2 results
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Singaporean bank captures large orders amid scarcity of Aussie supply, with more foreign lenders to follow
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◆ French Samurai issued across the capital structure ◆ Bank of Japan supports cheaper yen issuance than dollars ◆ HSBC lures yield-driven buyers with lower yielding senior bail-in foray
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More foreign banks are preparing to issue in Japan as local investors show strong appetite
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Deep Australian dollar market offers foreign firms competitive pricing
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Investors spy chance to pick up high yielding bank debt across currencies
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Non-core currencies are giving European banks a funding afterparty, after time was called on the rally in core markets, where borrowing costs have risen
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BNP Paribas and Crédit Agricole accessed ‘pent-up demand’ for foreign bank paper in Singapore dollars to issue AT1 and tier two bonds inside where they judged fair value in euros
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Tier two deal launched on the back of unique investor base and lack of issuance in the currency