Banks
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◆ UniCredit and Orcel quackers for Commerzbank ◆ Draghi aims his bazooka at CMU ◆ A new dawn for corporate hybrid capital -
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?
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◆ Supra concludes $2.4bn task ◆ Next year target could grow 25% ◆ Recent capital increase to double funding size over time
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Bank wants to grow leveraged capital markets alongside IG business
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◆ Long-dated euro bonds flourish before ECB meeting ◆ Book doubles after cautious 1bp tightening ◆ Strategy was to ensure secondary performance
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◆ CDC achieves tightening, rare for sterling bonds ◆ ‘A little downside, and a lot of upside’ to two-day execution ◆ Bpifrance prints second sterling deal of 2024
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◆ Agency rides the ‘French agency hype’ ◆ Deal tightens more than expected ◆ Book is one of its largest
