Banks
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◆HSBC opts for senior preferred ◆SG chooses senior-non-preferred ◆ Big books despite competition from other large names -
◆ Montreal bank taps sterling for second time in 2025 ◆ Aussie comps considered ◆ Order book shrinks from £820m peak
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◆ Deutsche hits euro FIG market 'on fire' ◆ AT1 pays higher than peers ◆ BNP Paribas to follow in Australian dollars soon after UBS broke six year hiatus
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◆ €1bn note eoffered at 38bp over mid-swaps ◆Minimal new issue concession ◆ Senior spreads 'attractive' for issuers compared to covered bonds
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Issuance was front-loaded into the first three days of the week in the FIG dollar market as issuers got ahead of Thursdays US non-farm payrolls report
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New plan involves hiring to make ECM and M&A revenues match DCM in three years
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Six covered bonds were issued in three days this week but there is uncertainty over the pipeline from here
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◆ Final book under €800m ◆ 'Low single digit concession' ◆ 'Trickier' for German LBs in senior than covered
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Hires come as BNP Paribas climbs UK ECM league table
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◆ Aussie lender places second covered in a week ◆ Order book passed €4bn by late morning ◆ Bankers saw 36bp at or just inside fair value
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John Winter will hand over to former colleague
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◆ Deal is the year's largest single tranche covered bond ◆ Order book reached €3.5bn by mid-morning ◆ Banker said covered bond market 'getting trades done at size'
