BBVA
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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’
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European sovereign tests inflation-linked market as EU brings a new green bond
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◆ BBVA feeds undersupplied senior sector ◆ Unicaja Banco tier two nets negative NIP ◆ Mixed views on near-term supply
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◆ Barclays unlocked strong long-end demand for its first dollar trade of 2024 ◆ BlackRock raised $3bn as FIG supply booms
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Former regional DCM head has relocated to New York to work for Spanish bank
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Latin American investment-grade corporate paper finding exceptional demand
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Latest deal came 1bp through fair value, according to the issuer
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Participants anticipate a push to 15 year frontier in covered bonds as duration demand drives all of FIG
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◆ Deal priced tight by a number of metrics ◆ Hefty oversubscription shows robust demand for FIG capital ◆ Trade clears flat to fair value compared with 10bp-15bp NIP for senior preferred at start of January
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Demand for its new 10 year trade finished above €137bn
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◆ Market reaches new equilibrium after swift spread widening last week ◆ Issuers pay 5bp-15bp of NIP on the day ◆ Long end especially popular as 10 year deals account for half of senior volume
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Mexican lender falls short of bond size target as late 2023 momentum fades
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Investors pounce on Société Générale and UBS sales after yields rise, then rates rally to soothe fears
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◆ SocGen and especially UBS garner huge demand for high yielding AT1s ◆ Red-hot interest suggests more European banks could issue in subordinated Yankees ◆ HSBC and BBVA raise $2.75bn in tier two
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◆ Better market mood suggests more FIG capital issuance on the cards ◆ BBVA goes for longer tier two in dollars ◆ Some suggest UBS will issue AT1 as early as Wednesday
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Spanish issuer attracts €2.3bn book as bankers emphasise borrowers shifting to dollar market
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◆ Spanish bank obtains regional investor diversification and fresh capital ◆ Deal highlights subordinated funding is cheaper in dollars than euros ◆ Other banks should be encouraged to issue in dollars
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◆ Spanish bank adds dollar AT1 to 2023 sub debt mix ◆ Deal attracts 'encouraging' European support despite recent local market outing
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Whether to push on with supply or take a break divides participants
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◆ Slimly subscribed deal spotted 2bp-3bp tighter ◆ Undersubscribed Santander UK senior deal also above par ◆ Sterling investors hope for a break in supply after difficult week
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Spanish agency served up 10th social bond as similarly labelled issuance has declined 10% year-on-year
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The Spanish region served up its sustainable debut to raise €500m
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Demand for high yielding paper drives comeback for most subordinated bank capital
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Global head has assumed responsibility for primary as well as secondary credit markets
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◆ Spanish litmus test for appetite after CS corrosion ◆ Pricing differed, books less so
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◆ Spanish firm goes for price over size ◆ Slim 10bp concession needed to seal the deal ◆ Book builds appearing slower as the week progresses
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Issuers must pay elevated premiums for new euro deals, but pricing still cheaper than dollars
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Spanish bank taps Japanese rival to bolster credit trading
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Bulging orderbook and no concession paid in first hybrid since Credit Suisse taken over
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The €210m and €80m loans do not herald a wider array of new money transactions
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Euro FIG market still awaits the return of pure bank credit
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Champion issuers needed to soothe nerves in thriving market
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Australian company gets more than double demand but could not tighten from IPTs