BBVA
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Spanish bank also takes a FIG banker from HSBC
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Corporate bond market stands at its strongest point with more FIG deals expected, though higher new issue premiums eyed
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Usual fourth syndication to follow after the summer
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Issuer prices flat to secondary curve as investors chase Spanish agency bonds
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◆ Spanish bank raises €750m new capital ahead of calls in the middle of Sabadell takeover bid ◆ Tight price leads to more than €2.2bn of orders dropping ◆ Greece’s Alpha bank prints first tier two in more than three years
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Deal turned out larger than some had expected
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◆ Senior preferred format helps mitigate execution risk ◆ Issuer shifts larger funding into shorter FRN ◆ Rates volatility back on the agenda
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Austria, France and Portugal opt for the same window
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French president’s call for international consolidation bucks a long trend of political opposition
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Agency achieves record tightening, plans at least one other public bond in 2024
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SSAs vie EU for attention as more issuance expected from Flemish Community
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Books for the European sovereign’s €5bn deal were ‘sizable for a linker’