Currencies
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Illiquid secondaries for older deals led the syndicate to look at recent Dutch supply instead -
Private bank issued the largest single tranche by a domestic institution since 2020
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In the land of the too-busy, the non-deal roadshow is king
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The long-end deal is judged to have paid 1bp-3bp new issue premium
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◆ Morgan Stanley and JP Morgan flood market with new senior euro paper ◆ MS goes big across the curve ◆ JPM concentrates on ‘strategic’ long end
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◆ HSBC adds €1bn tier two capital to recent Apac issuance streak ◆ Sabadell offers higher yield to but achieves tight spread ◆ SG goes Yankee for AT1
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Sovereign envisages further ESG issuance
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Issuers expected to favour tight unsecured deals over covered bonds this week
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Issuer last brought a green bond in 2022 but has been active via taps
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Biggest single day for €1bn tranches this month
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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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Demand for domestic covered bonds drives strong outcomes for issuers
