Barclays
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◆ Views vary on new issue premium ◆ Sterling market revived this week ◆ AT1 flurry extends
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There still is demand from investors after this week's senior salvo but issuers need to pay the steeper curves if they want to play
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◆ Issuer changes pattern of Tuesday's dual tranche deals ◆ Cheaper relative funding cost at front end prompts FRN ◆ Bank's first senior euro foray of 2025
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◆ Large book, small concession ◆ Merz stumbled on the path to power ◆ 'Remarkable stability' in Bunds
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Trading lifted results at Barclays, Deutsche Bank and UBS but corporate finance goals will be harder
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Two firms are vying to lead European investment banking pack
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◆ Tightens 1bp and takes $750m ◆ Bankers still waiting for fixed rate benchmark ◆ Sterling issuance in play
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◆ Larger new issue premiums required ◆ 6bp tighter than Bpifrance ◆ Size set at €2bn
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Ex-Morgan Stanley banker Woeber joins from Centerview
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◆ Dollar basis working for euro issuers in five year ◆ Maturity working for issuers in 2025 ◆ Deals come a day before Trump tariff announcement
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◆ German bank tightens 3bp from guidance with minimal NIP ◆ Larger tap than usual ◆ Succeeds in face of tariff uncertainty
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◆ First euro deal from Candian province hits 'perfect storm' ◆ BNG and AFD print 15 years ◆ All tighten by at least 3bp