Barclays
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Municipality Finance brought a taste of bank finance to the public sector this week setting a few records along the way.
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The European Union has just €1.2bn left of a €5.2bn funding plan for September and October, having raised €2bn with an eight year this week that many bankers praised as evidence of normalisation of the pricing process in euros.
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Several public sector borrowers are tipped to come into a reopened dollar market next week — but some SSA bankers warned that conditions are still not at full strength.
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ING Belgium and Bawag received good receptions for their covered bonds issued this week, in contrast to less spectacular outcomes for deals from Westpac New Zealand and UniCredit.
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The European high yield market appeared to have woken up this week with three roadshows and €900m on offer — but only one borrower has printed, and investors have now little hope of an unequivocal improvement any time soon.
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Stagecoach Group, the UK bus and train operator, filled the book for a £400m bond issue more than twice over on Monday, breathing life into a previously empty sterling market.
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Municipality Finance scored a series of firsts on Thursday with an instrument that is typically the preserve of the bank market — setting a path that leads on the deal believe others could follow.
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The European Union has taken another bite out of its £5.2bn funding plan for September and October with an eight year effort.
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Weichai Power sold its debut offering this week in the first deal under new Chinese rules for offshore bond issuance. Despite the changes to the guidelines, market watchers reckon the impact on the DCM market will be minimal.
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UBS's head of UK and Ireland FIG DCM is to take on the lead EMEA post in the division.
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