Currencies
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The BoE's new MREL regime will be transformative for the UK's smaller banks
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Club-style PP helps issuer sidestep summer execution risks
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DekaBank's sub-benchmark success shows investors are there, but issuers are unwilling to follow
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Deal said to be largest of its kind in private credit as a once niche industry continues rise to mainstream
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January levels suggest late August euro NIPs could be small
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◆ Swiss pharma company prints 4.75, 10 and 15 year bonds ◆ Deal size increased to Sfr775m on strong demand ◆ Spreads land 2bp inside the tight end of IPTs on all tranches
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More companies considered IG could lead to more financing through private markets
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◆ Green label and capped size set up tight pricing ◆ Result is Danske's tightest tier two, beating Covid-era issuance ◆ Some first mover advantage gained
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◆ First syndicated covered bond since early July almost four time covered ◆ Deal lands tight but still offers SSA pick-up ◆ RFPs circulate as pipeline builds
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Money pours into undersupplied market in run-up to late August's restart
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Long tenors shine as US tariffs brushed aside and investors deploy cash ahead of autumn