Currencies
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◆ Only 5bp needed to seal rare sterling senior pref deal ◆ Top quality orders fuel bumper book ◆ Illiquid secondary curve causes pricing conundrum -
◆ Gabon gets it right second time ◆ FIG forgets it’s meant to be summer break ◆ AT1s complete their redemption arc
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Busy week across products and currencies reduces chance of saturation
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Both supply and demand are on the rise to support more long-dated paper
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IG spreads are still resilient but signs suggest macro headwinds are taking a toll
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◆ Second Swedish sub in a row to be priced with a spread below 200bp ◆ Market is strong but investors are price sensitive ◆ SEB pays higher NIP than Handelsbanken did
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Finnish issuer ended an 18-month hiatus in the currency to bag savings versus euros
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◆ Nationwide adds Swissies to non-pref funding mix ◆ Busy pipeline of Swiss deals across asset classes
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UK bank prices largest single tranche covered bond from a foreign issuer in Swiss francs for over three years
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Muted SSA market welcomes European pair
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◆ Sub sale sealed with single digit concession ◆ Strong demand paves way for more tier two trades to follow ◆ Proceeds could fund tier two call next year
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◆ Issuer is not rare in sterling market, but its preferred debt is ◆ Pays single digit premium, locks in arbitrage ◆ ‘Hot’ sterling market could attract a variety of issuers
