Currencies
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Turkish banks are bolstering capital stacks ahead of accounting changes next year -
Hybrids find it hard to consistently hit the target as senior/subordinated spread shrinks
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Sectors in peril while others restructure debt — welcome to the new normal
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Hybrid deals remain challenging sale for issuers
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◆ Investors demand higher concession on new tier twos ◆ de Volksbank issues latest euro deal and pays a premium ◆ Tweaks cost metrics to aim at higher profitability
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◆ Large book for small tap ◆ Flight to safety helps swap spreads ◆ L-Bank grabs $1.25bn
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Cable company goes big on short tranche in M&A related trade
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Upcoming deal will extend the Australian lender’s secured curve
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Turkish bank is tendering the 2027 bond it didn't call in 2022
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◆ Triple-B rated PBB print stuck at IPTs... ◆... while double-B rated Monte dei Paschi achieves strong outcome ◆ OP Corporate Bank lands flat to fair value
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Long maturities continue to attract healthy oversubscriptions, but some investors don't see their value
