Danske Bank
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Widening Bund swap spreads draws bid back to paper
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Investors have swarmed to FIG FRNs despite looming interest rate cuts
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Former SEB banker departs after six years
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◆ Eight foreign banks raise more than $18bn in three days as BMO adds another $1bn to multiple perps ◆ M&A funding also boosts February FIG volume to over $50bn ◆ Slow down felt by Thursday as spreads widen
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◆ Danish bank prints its first capital deal in a major currency since 2021 ◆ IR 'hard work' pays off following money laundering case ◆ Premium paid for performance
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◆ Higher rates and dollar push-back no hindrance to bank capital deals ◆ ING prints oversubscribed $1.25bn Reg S AT1 ◆ Danske's first tier two since 2021 pricing close to fair value
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Investors pile $6.1bn into rare print
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The sovereign attracted a large book after record-breaking deals from peers
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German issuer raised a whopping €9bn while two other SSAs together grabbed €2.5bn
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Bankers away from deal voiced concerns over level of orders
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The trade is ‘most likely’ the final syndication this year after issuer exceeded the lower end of its targeted funding range
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AfDB and Kommuninvest stay in the three to five year part of the curve
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Next year's target for the Austrian agency will be around €6bn
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Bankers say it is hard to say why demand for the deals was subdued
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Market ‘took positives’ from US data, central bank meeting, and US Treasury volumes last week
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British Columbia, Thuringia and Sagess will also price deals across dollars and euros on Tuesday
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Danish lender builds on recent success of regional peers SEB and DNB
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Despite rush of agency deals in dollars, pinpointing fair value is hard
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Market shifts to favour returning issuer
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Issuer has funded almost 98% of its annual target with no new benchmark expected for rest of 2023
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Sovereign achieves diversification goal with first syndicated green bond
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Dkr7.75bn deal is Denmark's second green bond after an auction last year
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KfW's long seven year in SSA market could indicate whether covered deals too could extend beyond five years
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◆ Foreign trio raises $8.25bn in the US before the FOMC disrupts issuance ◆ Danske was the latest to tap the market in SP structure