Deutsche Bank
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Investors sank their teeth into tier two FIG debt this week, with insurance company NN Group, BBVA and NordLB each hitting the market in an otherwise quiet few days for the market, compared to recent weeks.
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UniCredit sailed to success with a three year floating rate deal on Thursday, reaffirming the strength of demand from investors for Italian financial paper. Even investors that normally stick to fixed rate paper were lured into the deal by the prospect of picking up Italian risk.
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A trio of SSA issuers took to the dollar market this week to sell aggressively priced deals, filling gaps in supply at the front end and belly of the curve. However, while deals this week may have thrived at very tight levels, syndicate officials have warned that issuers may need to be more reasonable in the levels they demand in the near future.
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The second quarter of the year is looking set for some major landmarks in peripheral eurozone sovereigns’ journey back to market normality, after Portugal outlined details for a return to bond auctions and talk of an imminent benchmark from Greece reached fevered levels.
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Banco Popular Español (BPE) issued the third Cédulas of 2014 and at €1bn, the issuer’s largest covered bond in three years. Though it was by no means the most attractive spread this year it was less than half the average of its previous three deals.
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An impressive euro benchmark debut for Kommunalbanken that left bankers running out of superlatives should be a “blueprint” for other top-rated issuers looking to enter the market, according to a head of SSA DCM.
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Bank of America Merrill Lynch has made a double hire from Deutsche Bank, adding Adrien de Naurois and Hiren Gudka to its SSA team.
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Bond investors showed no sign of losing faith in Mexico’s reform programme as the sovereign attracted 413 investors to Tuesday’s €2bn dual tranche bond issue — more than the country has had in any international bond before.
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Spanish online travel agent eDreams OdiGeo completed a €376m-€433m IPO, giving the firm a market capitalisation of around €1.1bn and pricing at a premium to comparable issues.
