Banks
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Santander shows big AT1 deals work best alongside tender offers
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◆ Favourable dollar market draws foreign and domestic FIG issuers ◆ NatWest chooses dollar for AT1 to achieve best post-swap cost ◆ String of senior issuance also offers rare five year FRN
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A year after its surprise scoop of UK equities house Numis, Deutsche Bank is making headway in the league tables
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◆ 'A nice print' say rival bankers ◆ US bank raised €2.25bn and 'could have taken more' ◆ Green FRN label questioned as 'nobody cares'
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Redemptions, limited supply and a favourable rates outlook created a window for the issuer
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Another German agency achieved a greenium to follow on from KfW deal
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Issuers stick to the Länder rule book to maximise pricing
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◆ Barclays pushes 'very impressive' AT1 flat to fair value after becoming net negative AT1 issuer ◆ Pension Insurance Corp follows euro peers with tier two ◆ 'Horribly undersupplied' investors pile in orders
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Scott Kirkby joins from Bupa after stints at NatWest and Credit Suisse
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Loan and bond distribution merged, new financial and advisory sectors
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Deal will be secured against a pool of Singaporean residential mortgages
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◆ Lloyds draws peak book of €5.1bn ◆ BayernLB launches green deal and pays 5-10bp premium ◆ SR-Bank senior preferred
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German SSA supply set to continue in holiday-filled week
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Blockchain bonds are usually sold to just one or two investors in the primary market
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◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls
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Former UBS banker Jeff Mortara joins in New York
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New hire will cover German and Nordic banks from Frankfurt
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Question at AGM reflects concern about whether banks’ green finance claims are ‘misleading’
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Sustainability-linked bonds lose appeal... ◆ ... as do the loan versions, come to think of it ◆ The favourites to take over from Quinn at HSBC
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Corporate issues have been rare in recent weeks, leaving investors with appetite
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Province eyes public dollars after hiatus since 2022
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Illustrious career included 18 years at Commerzbank and seven years at Deutsche Bank
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Investors lured by a ‘strong and conservative’ bank with a short-end offering
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‘Green German Day’ saw agency and sovereign both enjoy clear green pricing advantage
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Hire supports BNPP's growing CEEMEA bond franchise
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Former JP Morgan big hitter to join BNPP in London
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Privately owned Dubai supermarket group is set to begin trading next week
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Senior bankers promoted in New York, London and Paris
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CFO and former trader is seen as natural successor after Noel Quinn unexpectedly stepped down
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German agency saw greater savings than what its sovereign was thought to have managed on the same day
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Sovereign to focus on preserving and injecting secondary liquidity next
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Ex-banker joins trading platform as demand for digitisation grows
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◆ Issuance may be concentrated on Tuesday after a single deal on Monday ◆ Prospects for euro paper brighter than dollars ◆ AT1s in any currency likely to do well in this market
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◆ Callable FRN structure is ’positive evolution’ ◆ Longer fixed tranche draws €5.6bn orders ◆ Duration for high quality names still sought
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Barclays’ Faruqui will replace Hart at the UK M&A regulator
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German issuer set to brave the market during a data and holiday filled period
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After CVC's successful IPO last week, Spain's Puig has taken this week's spotlight
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Dutch lender came 1bp inside recent 12 year German deals
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Fonplata, Province of Manitoba and AFL are the latest SSA issuers to look to Swiss francs
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In European mergers and acquisitions, UBS is enjoying its best run for years, especially in the UK, as bankers from the paired firms work together
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The bloc's bonds outperformed swaps and France but views still mixed as to the issuer’s true status
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◆ Volatility spikes across markets and asset classes ◆ Citi differentiates from peers by funding at short end too ◆ Amex shows demand for FIG bonds as it issues senior and subordinated debt with negative NIP
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CDC seizes French agency momentum while IADB takes £500m from new nine year line
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◆ Order book halves after ‘aggressive’ tightening ◆ Bankers away say deal came through fair value ◆ FRN bid 'strong'
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French agency capitalises on rare capital market visit
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Supranational takes €5bn in second syndication of April
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Sovereign issuer passed ‘real test for investors appetite’ after returning to IG ratings status