Banks
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Dollar paper trades wider than euros, but issuer is happy to pay up to diversify
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Canadian province established a new, longer-dated pricing reference for itself as well as peers
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Deal is the fourth under the Swiss National Bank’s wholesale CBDC pilot programme
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◆ Barclays leads reopening of foreign banks' issuance in yen ◆ BFCM unleashes 'rare beast' Kangaroo ◆ Danske stays closer to home in Swedish krona tier two
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GSK has fulled exited Haleon, enabling it to fully concentrate on its pharmaceuticals and vaccines business
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◆ Quick fire from the US bulge bracket bank makes this its second deal in May and fourth this year ◆ NatWest returns with senior opco Yankee a week after blowout AT1 ◆ CPI report improves market conditions
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Issuer ‘reaping the fruits’ of investor work with large book and tightening
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French president’s call for international consolidation bucks a long trend of political opposition
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◆ Improved sentiment after US inflation report could spur more issuance next week ◆ SMN completes tight print versus peers ◆ ICBC offers green bond in multiple currencies
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Largest ever book in the currency for the issuer, which priced well inside secondary levels
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Banker is leaving for another opportunity
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Supra and agency take euro SSA supply to €18bn for the week
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◆ NordLB prints rare tier two as Italian insurer readies one too ◆ BPER Banca goes longer in callable green SP ◆ BIL makes unusual splash outside of private markets with a three year FRN
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US bank hit by third DCM departure
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Issuers, especially banks, drew high demand
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Leads saw no new issue premium paid by the issuer after 3bp of tightening
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◆ Transaction ‘looks like a slow deal’ given tightening and size, say rival bankers ◆ Marketing process ‘was too rushed’ for rare euro issuer ◆ Huge corporate issuance ‘may have overshadowed’ sole FIG deal
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Issuers get ahead of US CPI data on Wednesday
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Both issuers print with no new issue concessions, but Sparebanken Vest benefited from scarcity appeal and belly of the curve bid
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Phil Drake becomes head of UK ECM
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◆ Italian bank prints at 7% amid 'Fomo' for AT1 refi ◆ Tier two capital well absorbed with rare Munich Re offering €1.5bn ◆ AIB benefits from green label
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◆ Senior success as syndications flood euro market ◆ HSBC holdco lands through fair value ◆ ANZ ‘cements status’ with ‘strong’ euro FRN
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Three year floating rate covered deals pricing flat to fixed rates
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US bank hires five rates traders in all
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Home advantage sees total issuance for May exceed Sfr3bn
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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