Banks
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◆ Dual-tranche approach ◆ Demand skewed towards longest piece ◆ Pricing ‘impressive’ -
◆ Deal attracts one of 2024’s largest SSA sterling books ◆ ‘EIB specific’ features helped book size and tightening ◆ Recent KfW bond served as main comp
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◆ Deal comes close to non-eurozone peers ◆ Real money orders dominate book ◆ No oversupply concerns for fourth tranche of 2024
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Banker joins from Stanley’s ABS syndicate desk
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Sponsored by Lloyds BankTrade receivables securitisation, receivables purchase, and invoice financing are powerful funding tools that open up new avenues for efficiency.
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◆ UniCredit and Orcel quackers for Commerzbank ◆ Draghi aims his bazooka at CMU ◆ A new dawn for corporate hybrid capital
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Insurance arm of French bank invests in European rating agency in support of European financial sovereignty
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◆ Issuer returns after seven months, leaves door open for another trade ◆ Tenor, pricing strategy carefully thought out ◆ French agencies test new tights to OATs
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Deal would lead to heavy cost cuts, but could create strong competitor
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As in Mustier’s day, Commerz ― and European banking sector ― are in play
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◆ Analysts lower UniCredit AT1 recommendation ◆ Senior spreads could converge ◆ Are there other takeover targets?
